Disney Exploring Possible Sale Of Indian Business Home To Star Life And Star Select

Walt Disney (DIS.N) is exploring options to sell or find a joint venture partner for its India digital and TV business, a source with direct knowledge said on Wednesday.

The talks are in a "very, very nascent" stage and no potential buyer or partner has been approached so far, and it remains unclear how the process will pan out, the person added.

"Talks have begun internally (on) what makes sense to do," said the source, adding discussions were being driven by executives at Disney headquarters in the U.S.

Disney did not respond to a Reuters request for comment. The company's shares closed up 1.6% on Tuesday.

The Wall Street Journal was first to report news of Disney's talks and said the company had reached out to at least one bank about ways to help the India business grow, while sharing some of the costs.

The discussions come at a time when Disney has faced increasing pressure due to the emergence of Reliance Industries' (RELI.NS) streaming platform JioCinema, run by Asia's richest man, Mukesh Ambani. He has been marketing his streaming platform by offering free access to Indian Premier League cricket tournament, digital rights of which were earlier with Disney.

Research firm CLSA has estimated Disney+ Hotstar's subscriber base shrank by nearly 5 million users in India after it lost the digital rights for IPL.

Reliance's broadcast venture Viacom18, which runs JioCinema, also struck a deal with Warner Bros in April for HBO and other popular content such as Succession. Several of these top rated shows earlier aired in India on the Disney platform.

Viacom18's shareholders include Reliance, Paramount Global (PARA.O) as well as Bodhi Tree, which is a joint venture between James Murdoch and a former Star India executive, Uday Shankar.

Disney's India business comprises the Disney+ Hotstar streaming service and Star India, which it took over when it acquired the entertainment assets of 21st Century Fox in 2019.

The source, who declined to be named as the talks are confidential, said it will be difficult to find an outright buyer in India as the enterprise value of the India business was seen around $15-16 billion when Disney took over Fox's business.

Star India, which was rebranded as Disney Star last year, encompasses dozens of TV channels and a stake in a movie production company.

Disney, like its peers in streaming and the wider media industry, is cutting costs as macro economic headwinds weigh on its advertising revenue and subscriber growth.

In February, the company said it would cut 7,000 jobs as part of an effort to save $5.5 billion in costs in a sweeping restructuring of the company.

Galaxy TV To Go Dark On MultiChoice's DStv And GOtv By The End Of July

Galaxy TV is set to be the next channel to exit MultiChoice's DStv and GOtv platforms in Nigeria. Established as a private television network, the channel featured a range of content from news, sports, business, entertainment and other local programming.

Statement from MultiChoice:

The decision to remove Galaxy TV comes in line with MultiChoice's strategy of continuously review local and international content and optimise their lineup. This is to ensure we deliver unbeatable content and that our services caters to the needs of our consumers.

Although, Galaxy TV wasn't accessible in South Africa or known in other parts of Africa it did however provide content on our Everyday Novelas column. Some of which can be accessible or awaiting release on the Mexican entertainment channel, TLNovelas.

During the year, Novela Magic went dark on their platforms another brand which was covered on our Everyday Novelas column. Since then, MultiChoice supplemented the offering with Magic Showcase and CineMagic which cater to low tiered consumers like DStv Easyview and GOtv Lite.

Disney+ Developing New Animated Series ‘Duckie’

Disney+ is gearing up for an exciting new animated pilot called Duckie. The project is in the casting phase, managed by Disney TVA Casting, to find the perfect voice talent. The production is scheduled to begin on August 1, 2023, and will be based in Burbank, CA.

The project, which falls under the umbrella of Disney+, is a 22-minute animated pilot that aims to captivate audiences with its unique storyline and relatable characters. The show will explore themes of personal growth, mentorship, and the power of overcoming challenges.

The storyline of Duckie revolves around the eponymous character’s journey of self-discovery. Having recently survived a feral creature’s attack, Duckie finds herself scarred and plagued by self-doubt. While she grapples with the aftermath of this traumatic experience, Duckie enters a pivotal phase in her life. However, her path crosses with a mentor whose unwavering belief in himself is both awe-inspiring and foolish. Initially, they clash, but as their journey progresses, they form a unique bond that holds the potential to save the universe.

The central character, Duckie, is a spirited and headstrong 15-year-old duck who grapples with the desire to be seen as a fully-formed adult within her extensive family. Despite her youth, Duckie possesses a curious nature, an adventurous spirit, sharp wit, and impressive technological skills. However, she is currently recovering from a traumatic attack, causing her to doubt herself in stressful situations. Nevertheless, her world changes when she encounters a mentor who might just help her navigate through her challenges and, together, they might have the power to save the universe.

Duckie is poised to be an exciting addition to Disney+’s animated lineup, promising a heartwarming and adventurous story that will resonate with audiences of all ages. Stay tuned for further updates on the casting process and production timeline as Disney+ continues to bring captivating content to its streaming platform.

Development Hell: Merger Between Sony And Zee Delayed Once Again

India’s National Company Law Tribunal (NCLT) is reserving its order on the controversial merger plan between Sony’s India division and Zee Enterprises.

Sony’s local business is Culver Max Entertainment and has been planning a merger with Subhash Chandra-backed Zee Entertainment Enterprises (ZEEL). NCLT is pausing so that the two parties can make further submissions to the Tribunal.

Senior counsel Janak Dwarkadas representing ZEEL stated that non-creditor objectors in the matter, who are not even the company’s creditors, are holding the merger to ransom.

“Currently, 70 per cent of the equity is held by the public institutions, who are lenders, while about 25.88 per cent is held by public non-institutions, and merely 3.99 per cent is held by promoters,” argued Dwarkadas.

Dwarkadas’ reference to ‘the promotors’ is a reference to the Chandra family.

Development Hell: Merger Between Sony And Zee Delayed Once Again

India’s National Company Law Tribunal (NCLT) is reserving its order on the controversial merger plan between Sony’s India division and Zee Enterprises.

Sony’s local business is Culver Max Entertainment and has been planning a merger with Subhash Chandra-backed Zee Entertainment Enterprises (ZEEL). NCLT is pausing so that the two parties can make further submissions to the Tribunal.

Senior counsel Janak Dwarkadas representing ZEEL stated that non-creditor objectors in the matter, who are not even the company’s creditors, are holding the merger to ransom.

“Currently, 70 per cent of the equity is held by the public institutions, who are lenders, while about 25.88 per cent is held by public non-institutions, and merely 3.99 per cent is held by promoters,” argued Dwarkadas.

Dwarkadas’ reference to ‘the promotors’ is a reference to the Chandra family.