India's antitrust commission cast doubt on a proposed $8.5B merger between Disney's India operations and Indian giant Reliance, arguing the deal's current terms are anticompetitive. The Competition Commission of India sent private notices to the companies requesting further concessions within 30 days to keep the deal afloat.
The proposed deal would give the joint venture broadcast rights for top leagues in cricket, the country's most popular sport. Roughly 100 million people tune in for matches in the renowned Indian Premier League with a total fanbase of over 750 million (more than double the US population). The new entity would control 40% of all TV advertising market share in India, with over 120 channels and two streaming services.
Reliance is India's largest public company by market capitalization and is owned by the billionaire Ambani family (see family tree). Disney CEO Bob Iger claimed the move would de-risk Disney's operations in India amid growing competition.
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