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Investment management giant Blackstone (NYSE:BX) is in preliminary talks to buy a stake in Walt Disney’s (NYSE:DIS) India division, two sources familiar with the matter told Reuters.
U.S. media company Candle Media, backed by Blackstone (BX) and founded by former Disney (DIS) executives, led the talks between the parties last week, according to the report.
The move comes as Disney’s (DIS) India operations have suffered significant losses over the past year, forcing the entertainment conglomerate to explore options such as a sale or a joint venture partner for the digital and TV unit.
Disney (DIS) also held talks with Indian billionaire Gautam Adani as well as Kalanithi Maran, the owner of Sun TV Network, about a potential sale.
As Disney (DIS) continues to lose subscribers in India, it is now offering free cricket streaming on smartphones to help boost its advertising revenue. The company previously lost streaming rights to air cricket, a major blow for its Indian operations where the sport is popular.
