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Disney is close to deal to sell 60% of its India business to Viacom18 and Bodhi Tree Systems in a deal that values it at $3.9 billion, the Wall Street Journal reports.

Why it matters: The deal price is significantly less than the $15-16 billion the business was valued at when Disney bought it from Fox.

Details: Viacom18 will hold the majority stake, around 51%, while Bohdi Tree will hold a 9% stake. Disney will keep the remaining 40%. 

Viacom18 is a joint venture between billionaire Mukesh Ambani's Reliance Industries, Paramount Global. Bodhi Tree Systems is an investment firm founded by James Murdoch and ex-Star India CEO Uday Shankar.

Shankar was CEO of Star India for a decade until he left in 2020, a year after Disney acquired the business. Murdoch helped to build Star India during his days with Fox.

Disney's India business, also known as Star India, includes the company's family of TV networks, streaming service Hotstar and a minority interest in satellite TV company Tata Sky.

The big picture: This marks an inglamaourus ending for Disney's ambitions with Star India, which was considered one of the crown jewels of its $71.3 billion takoever of 21st Century Fox.

The loss of hugely popular cricket league streaming rights — to Viacom18, no less — sunk the business.

Disney was able to radically beef up its subscriber count when it integrated Disney+ within Star India's preexisting Hotstar streaming service in 2020. 

At one point, it accounted for more subscribers than any other territory, including the U.S., but the service was priced very low in India, which dragged down revenue.

What's next: The deal is expected to close this month.

Disney to sell Star India to Viacom18, Bohdi Tree

Disney is close to deal to sell 60% of its India business, the WSJ reports.

Chairman and managing director of Reliance Industries Mukesh Ambani 

Chairman and managing director of Reliance Industries Mukesh Ambani. Photo: SUJIT JAISWAL/AFP via Getty Images

Disney

Disney is close to deal to sell 60% of its India business to Viacom18 and Bodhi Tree Systems in a deal that values it at $3.9 billion, the Wall Street Journal <a class="gtmContentClick" data-vars-link-text="reports" data-vars-click-url="https://www.wsj.com/business/media/disneys-india-unit-takes-valuation-hit-in-planned-sale-a5ebd056" data-vars-content-id="5c14b669-8a8f-4881-8b64-3b4c69f9ab69" data-vars-headline="Disney to sell Star India to Viacom18, Bohdi Tree" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wsj.com/business/media/disneys-india-unit-takes-valuation-hit-in-planned-sale-a5ebd056" target="_blank">reports</a>.Why it matters: The deal price is significantly less than the $15-16 billion the business was valued at when Disney bought it from Fox.

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Disney to sell Star India to Viacom18, Bohdi Tree

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