Tata Sons, the holding company of India’s Tata Group, has reportedly shelved plans for an initial public offering (IPO) of its media unit, Tata Play (formerly Tata Sky), after acquiring Temasek’s 10% stake in the company. The decision comes in the wake of Tata Sons increasing its ownership in Tata Play to 70%, according to a Bloomberg report.
Tata Sons purchased Temasek’s stake for around $100 million, valuing Tata Play at approximately $1 billion. This move has resulted in Tata Play becoming a 70:30 joint venture between Tata Sons and Walt Disney, with Disney inheriting its stake from the acquisition of Star India’s assets.
Tata Play, India’s largest DTH provider with 21 million subscribers, had previously filed confidential papers with the Securities and Exchange Board of India (SEBI) in November 2022 for its proposed IPO. However, the company has now decided to shelve these plans due to unfavorable market conditions and challenges faced by the DTH sector.
