Tata Sons buys Temasek's 10% stake in Tata Play for Rs 835 cr: Report

The entertainment platform has seen its valuation decline from $3 billion before pandemic to $1 billion currently, according to the report

Tata Sons bought Singaporean investment firm Temasek’s 10 percent stake in entertainment content distribution platform Tata Play for almost Rs 835 crore, said a report on April 30.

This deal takes the stake of Tata group's holding company to 70 percent in the satellite TV provider, reported The Economic Times.

The direct-to-home (DTH) player has informed the ministry of information and broadcasting as the regulations require intimation about any change in shareholding or foreign direct investment pattern, the report said.

The entertainment platform has seen its valuation decline from $3 billion before pandemic to $1 billion currently, according to the report. The platform remains the only consumer-facing media venture of the Tata group, which will now have a 70:30 partnership with Walt Disney. The report added that Disney is also looking to sell its stake in the platform.

In October 2023, the talks between the Tata Group and Temasek were in advanced stages to buy back a stake in its entertainment content distribution platform at a valuation of over $1 billion, Bloomberg had reported.

Earlier, it was reported that Tata Play will defer its initial public offering. The company had filed confidential papers with Sebi in November 2022. The market regulator had approved the proposed listing in May 2023. However, according to reports, the company deferred its listing plans considering the tough market conditions.

The Singapore-based investment firm has pared stake or exited from a few Indian firms this year. The firm sold 1.1 percent stake in hospital chain Medanta for Rs 395 crore. It still retains a stake of about 17 percent in Medanta, the Singaporean financial newspaper reported.

It was also reported that the investment firm sold its entire 5.42 percent stake in PB Fintech, which operates online insurance platform Policybazaar.