BUSINESS
Tata Play’s proposed initial public offering (IPO) was also approved by SEBI in May 2023. The IPO was postponed due to tough market conditions.
Tata Group has finalised a massive deal with Walt Disney to buy its stake in the subscription television broadcaster Tata Play. According to a report by Bloomberg, the transaction values Tata Play at around Rs 83286200000. To recall, Tata Group got full control over Tata Play after it bought 29.8 percent stake from Disney.
Recently, Tata Sons also raised shareholding in Tata Play by acquiring a stake in Singaporean government-owned investment company Temasek. After an investment of Rs 8350000000, Tata Sons bought 10% stake in Tata Play. Tata Sons now own 70% stake in Tata Play.
For those who are unaware, Tata Play is currently the only consumer-facing business under the group’s media and entertainment sector. With over 21 million subscribers, it is India's largest DTH firm. Tata Play was formerly known as Tata Sky. It was established in 2001 and it has been dominating the Indian DTH space since than. The company attracted investment from Temasek in 2007.
Tata Play’s proposed initial public offering (IPO) was also approved by SEBI in May 2023. The IPO was postponed due to tough market conditions.