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☆ Disney's $8.5 billion Reliance merger is a streaming wars win in sports-obsessed India
▼ + stars: | 2024-02-29 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

Disney announced Wednesday that the companies will be merging their respective Star India and Viacom18 units into a newly created Star India joint venture, valued at roughly $8.5 billion on a post-money basis, excluding synergies. The merger is expected to have more than 750 million viewers in the rapidly growing Indian market. Cricket feverDisney acquired Indian streaming service Hotstar and Star TV channels in 2019 and had exclusive streaming rights to cricket's lucrative Indian Premier League (IPL), which it had turned into a paid service by 2020. Disney lost 4.6 million customers for its streaming service, Disney+ Hotstar, in India during the first three months of last year. "I think I said six months ago that they're [Disney] going to see profitability in streaming by the end of 2024.

Persons: Pavlo Gonchar, Walt Disney, Mukesh Ambani, Nita Ambani, Ambani, Jamie Lumley, Lumley, Jason Ware, CNBC's Organizations: Disney, Getty, Walt, Reliance, Star India, Cricket, Star, Indian Premier League, IPL, Indian Premier League cricket, CNBC, Albion Financial Locations: India

☆ Disney, Ambani’s Reliance create new India media giant with 750 million viewers
▼ + stars: | 2024-02-28 | by ( Diksha Madhok | Hanna Ziady | ) edition.cnn.com time to read: +3 min

New Delhi/London CNN —Disney is joining forces with Asia’s richest man to create a new media giant in India that says it will reach a domestic audience of more than 750 million people. Billionaire Mukesh Ambani’s Reliance Industries and Disney have combined their digital streaming platforms and 100 TV channels in the country in a joint venture worth about $8.5 billion, the companies said in a statement Wednesday. Disney (DIS) made a major push into the country in 2019, when it acquired most of 21st Century Fox, including its vast Star India network. “India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company,” said Disney CEO Bob Iger. Disney salvaging its Indian dreamDisney has faced multiple challenges in India, which boasts a vibrant media and entertainment sector.

Persons: Mukesh, ”, Mukesh Ambani, Nita M, Ambani, Viacom18, Bob Iger, Mouse, Weeks, JioCinema, Iger, “, Mihir Shah Organizations: London CNN, Disney, Reliance Industries, Century Fox, Star, Reliance, Indian Premier League, Warner Bros ., HBO, CNN, Media Partners Locations: New Delhi, London, India, Star India, Viacom18

☆ Disney nears deal to sell $10-bln valued India business to Reliance -Bloomberg News
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

However, Disney may now sell a controlling stake in the business to Reliance, the Mukesh Ambani-controlled conglomerate whose streaming platform's success has weighed on the U.S. company's Indian business, Bloomberg reported. Reliance, whose broadcast venture Viacom18 runs JioCinema, values Disney's India assets, which comprises the Disney+ Hotstar streaming service and Star India, at between $7 billion and $8 billion, the report said. The enterprise value of the India business, Disney's biggest last year globally by users, was seen at around $15 billion to 16 billion when Disney took over Fox's business. The deal could be announced as early as next month, although no final decision has been made and Disney could still decide to hold onto the assets, Bloomberg reported. JioCinema has put increased pressure on Disney India and other streaming platforms, with Ambani marketing the platform by offering free access to the Indian Premier League cricket tournament, digital rights of which were earlier with Disney.

Persons: Dado Ruvic, Gautam Adani, Kalanithi Maran, Mukesh Ambani, JioCinema, Ambani, OTT, Karan Taurani, Taurani, Varun Vyas, Rama Venkat, Savio D'Souza Organizations: Disney, REUTERS, Rights, Reliance Industries, Bloomberg, Reuters, Sun TV Network, Blackstone, Reliance, Star India, Disney's, Disney India, Indian Premier League cricket, Elara Securities, Thomson Locations: India, Bengaluru

☆ Cricket, flag football, lacrosse, squash, baseball-softball make 2028 Games cut
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

Lacrosse, squash and baseball-softball had also been proposed by LA Games organisers for inclusion and received approval at an IOC meeting in Mumbai. The LA Games proposal is for a six-team Twenty20 cricket tournament for men and women. The tournament is played in the same T20 format that the game will feature in during the LA 2028 games. Flag football is a non-contact format of American football played by teams of five. American football last featured as a demonstration sport in 1932 LA Games.

Persons: Niharika Kulkarni, Sudipto Ganguly, Karolos, Toby Chopra, Peter Rutherford Organizations: International Olympic Committee, 141st IOC, REUTERS, Rights, Los Angeles Games, Lacrosse, LA, IOC, Games, Cricket, Twenty20, Indian Premier League cricket, Olympic, Paris Games, Summer, Thomson Locations: Mumbai, India, Rights MUMBAI, Tokyo, Paris

☆ Disney in talks with Adani, Sun TV to sell India assets -Bloomberg News
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

Disney is exploring various possibilities, including selling some of its Indian operations or a mix of assets from the unit, the report said, citing people familiar with the matter. Disney, Sun TV and the Gautam Adani-controlled Adani group did not immediately respond to Reuters' request for comment. Disney was exploring options to sell or find a joint venture partner for its India digital and TV business, Reuters reported in July. 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. Ambani has been marketing his streaming platform by offering free access to the Indian Premier League cricket tournament, digital rights of which were earlier with Disney.

Persons: Dado Ruvic, Gautam Adani, Kalanithi Maran, Gautam, Disney, Mukesh Ambani, Ambani, Navamya Ganesh, Savio D'Souza Organizations: Disney, REUTERS, Rights, Sun TV Network, Bloomberg, Sun TV, Reuters, Reliance Industries, Indian Premier League cricket, Thomson Locations: India, Bengaluru

☆ Fairy-tale ending will elude Disney in India
▼ + stars: | 2023-08-11 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

MUMBAI, Aug 11 (Reuters Breakingviews) - India has lost its magic for Walt Disney (DIS.N). Even if boss Bob Iger can find a buyer or joint venture partner, a fairy-tale ending will elude the Magic Kingdom. The combination of changing viewing preferences and Disney’s own conservatism in streaming puts Disney India in a weak spot. The average monthly revenue per subscriber held steady at 59 cents, compared to $7.31 per subscriber in its domestic Disney+ business. Disney is exploring strategic options for its Star India business, including a joint venture or a sale, the Wall Street Journal reported on July 11, citing unnamed people familiar with the matter.

Persons: Walt Disney, pare, Bob Iger, Iger, Mukesh, Ambani, JioCinema, Una Galani, Katrina Hamlin Organizations: Reuters, Fox, Kingdom, Netflix, Indian Premier League, HBO, Disney, Disney India, Walt Disney, Star India, Wall Street, Thomson Locations: MUMBAI, India, U.S, Mumbai, United States, Canada

☆ For Disney, Streaming Losses and TV’s Decline Are a One-Two Punch
▼ + stars: | 2023-08-09 | by ( Brooks Barnes | More About Brooks Barnes | ) www.nytimes.com time to read: +1 min

Disney’s streaming operation lost $512 million in the most-recent quarter, the company said, bringing total streaming losses since 2019, when Disney+ was introduced, to more than $11 billion. Disney+ lost roughly 11.7 million subscribers worldwide in the three months that ended July 1, for a new total of 146.1 million. (Last year, Disney lost a bid to renew the expensive rights to Indian Premier League cricket matches.) To make streaming profitable, Mr. Iger, Disney’s chief executive, has shifted the focus at Disney+ away from brisk subscriber growth, which requires expensive marketing campaigns. Instead, Disney has been trying to make more money from the Disney+ subscribers it already has.

Persons: Robert A, —, Disney, Iger Organizations: Disney, Indian Premier League cricket Locations: India

☆ Disney's quarter wasn't clean, but we see evidence that CEO Bob Iger's turnaround plan is working
▼ + stars: | 2023-08-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Disney (DIS) reported fiscal third-quarter results after the closing bell Wednesday, and it was another mixed quarter even against low expectations. Still, there were enough pockets of optimism in the company's restructuring plan and streaming strategy to believe CEO Bob Iger's turnaround is working. Indeed, global Disney+ subscribers declined to 146.1 million from 157.8 billion, but nearly all of that was associated with Disney+ Hotstar and not Disney's core markets. Quarter over quarter, that loss of $512 million was narrower by $147 million. Thanks to the ongoing strength of Disney's international parks and cruise line business, Disney expects fourth-quarter operating margins at DPEP to exceed the prior year.

Persons: Bob Iger's, we've, Kevin Lansberry, Iger, Jim Cramer's, Jim Cramer, Jim, Bob Iger, CNBC's David Faber, David A Organizations: Disney, Refinitiv, DIS, Consumer, Hollywood, Indian Premier League cricket, Netflix, Disney Media, Entertainment, Linear Networks, ESPN, Penn Entertainment, Disney Parks, Walt Disney, Star Wars, CNBC, Allen, Grogan Locations: India, Florida, Europe, Canada, DMED, Sun Valley , Idaho

☆ Indian gaming firms say new tax will stifle foreign investment
▼ + stars: | 2023-07-15 | by ( Aftab Ahmed | ) www.reuters.com time to read: +2 min

NEW DELHI, July 15 (Reuters) - India's new 28% tax on online gaming companies will stifle foreign investment and put $2.5 billion already invested in the sector at risk, more than 100 gaming firms have said in a letter to India's finance ministry. India this week announced the tax on the funds that online gaming companies collect from their customers. Games such as fantasy cricket have became increasingly popular in recent years, but have also raised concerns about addiction among players. Top investors including Tiger Global and Peak XV, previously known as Sequoia Capital India, have invested in Indian gaming companies such as Dream11 and Mobile Premier League. Many Indian ministers view bets on online gaming platforms as a "social evil", Malhotra had said.

Persons: MPL, Sanjay Malhotra, Malhotra, Arpan Chaturvedi, Aftab Ahmed, Aditya Kalra, David Holmes Organizations: Tiger Global, Sequoia Capital, Mobile Premier League, Federal, Reuters, Indian Premier League cricket, Thomson Locations: DELHI, India, Sequoia Capital India

[1/3] A man looks at his phone as he passes by a screen advertising Walt Disney's streaming service Disney+ in New York City, U.S., November 12, 2019. The division ended the quarter with an operating loss of $659 million, compared with $1.1 billion in the prior quarter. At the same time, total subscribers to the flagship Disney+ service dropped by 4 million to 157.8 million. Inge Heydorn, a fund manager at GP Bullhound, said a question for investors is: "are the trade offs from lower marketing costs leading to lower subscribers?" "We've only just begun to scratch the surface of what we can do with advertising on Disney+," Iger said on a conference call with analysts.

The company plans to expand its streaming offerings by the end of the year with a new app that combines Disney+ and Hulu, Chief Executive Bob Iger said. Total subscribers to the flagship Disney+ service dropped by 4 million from the previous quarter to 157.8 million. Most of the defections came from the Disney+ Hotstar offering in India after it lost streaming rights to Indian Premier League cricket matches. "Striking a fine balance between customer acquisition versus financial performance is no easy feat." As Disney tries to build streaming, its traditional television business faces hurdles.

☆ The streaming wars are over, and it's time for media to figure out what's next
▼ + stars: | 2023-05-10 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

The race between the biggest media and entertainment companies to add streaming subscribers, knowing consumers will only pay for a limited number of them, is finished. Disney announced its flagship streaming service, Disney+, lost 4 million subscribers during the first three months of the year, dropping the company's total streaming subscribers to 157.8 million from 161.8 million. Disney on Wednesday announced streaming losses narrowed to $659 million from $887 million. NBCUniversal's Peacock gained 2 million subscribers last quarter, giving it 22 million subscribers. Paramount Global added 4.1 million subscribers in the quarter, putting it at 60 million subscribers.

☆ Why Liverpool and Manchester United, two giants of soccer, are up for sale at the same time
▼ + stars: | 2022-12-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

In November, the owners of first Liverpool and then Manchester United confirmed they were open to new investment offers, with the potential for full sales of the top flight English clubs. Meanwhile New York-listed shares in Manchester United popped 18% on the news on Nov. 23 that its owners were similarly opening themselves up to investment opportunities. Big money competition One recurring complaint Manchester United fans have had of the Glazers is a lack of investment in the club, across both facilities and players. Old Trafford Stadium, the home of Manchester United Football Club. "In the cases of Liverpool and Manchester United, both owners have held the clubs for a long time, and both assets have appreciated a lot as their leagues and brands and global fan bases have developed.

☆ We're fed up after Disney's terrible quarter and streaming losses. It's time for some big changes
▼ + stars: | 2022-11-08 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Operating income fell 91% to $83 million mostly due to higher than expected losses from the Direct-to-Consumer business. In better news, Disney ended Q4 with 164.2 million Disney+ subscribers, up 12.1 million from the prior quarter and well above estimates of about 160.45 million. Bundling has a negative effect on ARPUs, and Disney said Tuesday evening that bundled and multiproduct offerings now make up over 40% of domestic Disney+ subscribers. In terms of subscribers, Disney sees core Disney+ subscribers slightly increasing in its first quarter, though Disney+ Hotstar is expected to lose subs due to the absence of the Indian Premier League Cricket rights. After checking consensus estimates, this is a terrible miss compared to expectations of sales growing by 11% and operating income increasing by 17%.

☆ India's Network18 reports loss on higher expenses, advertising slowdown
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 18 (Reuters) - India's Network18 Media & Investments (NEFI.NS) reported a loss for the second quarter on Tuesday, as advertisers spent less and the media conglomerate backed by billionaire Mukesh Ambani poured funds into new television channels and shows. YouTube (GOOGL.O) and Netflix (NFLX.O) have proven to be a big challenge for the already crowded Indian television industry as cheap internet plans have helped video streaming websites compete with TV channels. Consolidated loss attributable to owners of Network18 widened to 364.9 million Indian rupees ($4.44 million) for the three months ended Sept. 30 from 33.2 million rupees in the previous quarter. For Network18, which incorporates a spate of media houses including channels CNBC-TV18 and Colors, quarterly expenses increased nearly 34% to 15.92 billion Indian rupees due to higher operational and promotional expenses. The company had posted a profit of 390.2 million rupees in the September quarter a year ago.

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