Disney looking to sell or find a partner for India business?
According to a report in WSJ, the talks are in a "very, very nascent" stage
Walt Disney is reportedly looking to “sell or find a joint venture partner” for its India business--Disney Star and Hotstar. According to a Wall Street Journal report, which quotes a source with direct knowledge of the matter, the talks are in a "very, very nascent" stage and no potential buyer or partner has been approached so far.
The report mentions that the development comes at a time when Disney is facing a strong competition from Reliance-owned JioCinema since it won the digital media rights of the recently held IPL. Also, Reliance's broadcast venture Viacom18, which runs JioCinema has signed a multi-year agreement with Warner Bros. Discovery to bring HBO, Max Original and Warner Bros programming to its streaming service JioCinema.
e4m has earlier reported that Walt Disney Co. was planning to cut thousands of jobs. In February, the company had said 7,000 positions would be vacated as part of the annual cost-cutting move. Subsequently, in April this year, Disney Star gave out pink slips to its employees in India as part of the first round of layoffs. Reportedly, an agency has been appointed to support the laid-off employees for six months. The staffers are being given a one-year severance package.
