Competition Commission of India has given approval to the takeover of 21st Centure Fox’s Star India and its related assets by Walt Disney Company. With this, the acquisition of Rupert Murdoch’s 21st Century Fox’s by The Walt Disney Company will be close to realisation. This was reported by Business Standard on August 12.
Earlier, Disney had raised its bid for 21st Century Fox to $71.3 billion in cash and stocks. It has already got the approval from the Department of Justice in the United States of America. Over 15 regulators acorss the world have to approve this acquisition (like EU, Latin America, China among others) which is likely to take 12 to 18 months.
21st Centure Fox’s Star India’s assets have been valued at over $14 billion. Industry analysts maintained that Star India is likely to clock revenues of $1 billion by 2020. Disney’s purchase of 21st Century Fox’s will include entertainment channels, the sports broadcast business, OTT platform Hotstar and Star India’s stake in DTH platform Tata Sky along with Fox Star Studios. Star India reaches to over 700 million viewers a month, with 60 channels in nine languages across India. Its OTT platform Hotstar has 150 million active monthly users.