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Sony Group (NYSE:SONY) has started talks with Walt Disney (NYSE:DIS) about a potential purchase of its Indian business.
Sony’s Sony Pictures Entertainment has initiated talks with Disney (DIS) as part of a contingency plan for its planned acquisition of India’s Zee Entertainment, which Sony has faced obstacles completing since it announced the purchase almost two years ago, according to a report in The Mint, which cited people familiar with the matter.
Disney (DIS) declined to comment to the Mint.
The latest report comes after Bloomberg reported earlier this month that Disney is said to be holding talks with a number of different partners about selling its streaming and television businesses in India.
The media and entertainment giant has spoken to Indian billionaires Gautam Adani and Kalanithi Maran, who owns Sun TV Network, according to Bloomberg. Disney (DIS) has also spoken to private equity firms and Reliance, run by the richest man in Asia, Mukesh Ambani.
Reuters also reported on Wednesday that investment management giant Blackstone (BX) is in preliminary talks to buy a stake in Disney’s (DIS) India division. U.S. media company Candle Media, backed by Blackstone and founded by former Disney (DIS) executives, led the talks between the parties.
Disney’s (DIS) Indian operations have suffered significant losses over the past year due in part to losing streaming rights to air cricket, a popular sport in India.
