After seven years of owning Star India, Disney sells it to RIL for less than a quarter of the original purchase price. Disney had been looking to exit the Indian market for a while, but RIL's aggressive tactics brought down the valuation by more than 65%. The deal, led by RIL's dealmakers Manoj Modi and Uday Shankar, will create a $8.5 billion behemoth in the media industry.
Disney Sells Star India to RIL: A Strategic Move with Profound Implications
Disney, the entertainment giant, recently announced the sale of its Star India subsidiary to Reliance Industries Limited (RIL) for a fraction of its original purchase price. This move marks a significant shift in Disney's global strategy and has far-reaching implications for the Indian media landscape.
Background:
Disney acquired Star India in 2017 for $52.4 billion, making it the largest media deal in India's history. Star India controlled over 30 channels, including Star Plus, Hotstar, and ESPN, giving Disney a formidable presence in the Indian market.
Reasons for the Sale:
Disney had been contemplating exiting the Indian market for some time due to a number of factors, including:
RIL's Aggressive Negotiation:
RIL, led by dealmakers Manoj Modi and Uday Shankar, played a pivotal role in securing the deal at a significantly reduced price. RIL's aggressive negotiation tactics, including threatening to launch a competing streaming service, forced Disney to lower its asking price.
The Deal:
The deal valued Star India at $8.5 billion, a 65% discount from Disney's original purchase price. RIL acquired Star India's entire broadcasting, distribution, and digital businesses, creating a media behemoth in India.
FAQs:
Why did Disney sell Star India?
How much did RIL pay for Star India?
Who will lead the merged entity?
What are the implications for the Indian media landscape?
What is the future of Disney in India?
Further Reading:
Aditya Birla Sun Life has unveiled its latest fixed income fund, the Crisil IBX Gilt June 2027 Index Fund, which aims to provide investors with returns corresponding to the total returns of the CRISIL IBX Gilt Index. The fund is managed by experienced fund managers Sanjay Godambe and Bhupesh Bameta, with a minimum initial investment of ₹1000 in Lumpsum mode. This new fund launch shows Aditya Birla Sun Life's commitment to providing diverse investment offerings for its clients.
In a strong show of support for Tesla's CEO, Elon Musk, the company's shareholders voted to restore his record USD 44.9 billion pay package. The package had previously been rejected by a Delaware judge, but the shareholders' vote sends a clear message of confidence in Musk's leadership of the largest electric vehicle maker in the world. However, it is likely to be tied up in court battles for months before Musk can actually receive the compensation, as Tesla continues to fight the judge's decision. Despite his doubts about his future with the company and struggles with falling sales and profit margins, Musk has reassured shareholders that he intends to stick around, citing the need for a higher stake in the company to control the use of artificial intelligence.
Ola's change in terms and conditions for auto rides has received backlash from users who now have to negotiate fares with drivers after each ride. The ride-sharing app's previous fixed-price feature was a convenient and hassle-free solution for customers, but the new fare range has sparked a lively debate online. One frustrated user took to Twitter to share his discontent, sparking a discussion on the latest move by Ola.
Stamps, Arkansas, a town steeped in history as the childhood home of Maya Angelou, was once a prosperous lumber town in the late 19th and 20th centuries. Its beginnings can be traced back to the establishment of a small sawmill in the late 1860s, which later expanded and became the largest sawmill for yellow pine in the world. However, economic decline in the 21st century has caused businesses to relocate, including the offices of the Louisiana and Arkansas Railway. Despite these challenges, Stamps continues to hold onto its past with landmarks such as the Bodcaw Bank and the Lafayette County Training School.
Over 50 children, including 19 girls, were rescued from a distillery in Raisen, Madhya Pradesh in a crackdown led by the National Commission for Protection of Child Rights (NCPCR) and Bachpan Bachao Andolan (BBA). The children, who suffered burn wounds from harsh chemicals and alcohol, were forced to work for long hours daily. The factory, owned by Som Distilleries & Breweries, faces strict action for the abuse and violation of child labour laws.
As part of their ongoing crackdown on illegal beef trading in Madhya Pradesh, authorities have demolished eleven homes in the predominantly tribal Mandla district. The action was taken after local police received information about cows being illegally held for slaughter in the Bhainwahi area. 150 cows were discovered tethered in the backyards of the accused, and samples of the confiscated beef will be sent for DNA analysis. One suspect has been apprehended and efforts are ongoing to locate the other ten individuals involved. Meanwhile, the cows have been relocated to a cattle shelter, and authorities warn that cow slaughter in MP carries a seven-year jail sentence.
IIT Madras-incubated start-up, Agnikul Cosmos, successfully launched the world's first rocket with a single-piece 3D printed engine, Agnilet, from Sriharikota, becoming the second private company in India to achieve this feat. The rocket, named Agnibaan, is designed to carry a payload of up to 300 kg to a 700 km orbit. The engine was developed entirely in-house using 3D printing technology, making it cost-effective and simpler to handle compared to traditional engines. This accomplishment marks a major milestone in India's space industry, as the Agnilet engine is the world's first semi-cryogenic rocket engine that uses sub-cooled liquid oxygen and regular fuel. This launch is a significant achievement for the Chennai-based start-up, which faced multiple failed attempts before their successful sub-orbital test flight at 7:15 am on Thursday. The launch was conducted with minimal presence of dignitaries at ISRO's Satish Dhawan Space Centre, without any live streaming.
As Father's Day approaches, it's important to show appreciation and care for the man who has always been there. Along with love and support, ensuring their financial stability is just as crucial. With the recent reforms made by IRDAI for senior citizens' health insurance, it is the perfect opportunity to enhance or secure a health insurance policy for your aging father. This not only provides financial security but also serves as a thoughtful gift for Father's Day.
Indian Railways, the world's third-largest railway network, has adopted a new method of comparing and purchasing electricity from the open market to save money. This has allowed the Jhansi division of North Central Railway to save over five crores in electricity expenditure in just one month. This method will now be adopted in other zones as well, as Indian Railways looks for more ways to cut costs and improve passenger facilities.
BP, global energy company, leads the charge in reducing methane emissions, citing it as a major contributor to climate change. With advanced technology and a commitment to environmental stewardship, BP aims to cut methane emissions in its operations, demonstrating its dedication to sustainability and innovation.