In the latest report, Star India has declared that the standalone loss of Disney-owned Star India for the year between April 2023 and March 2024 has been Rs 12,548 crore.
In a major setback for Reliance Industries Chairman Mukesh Ambani, he has suffered a massive loss of Rs 12,548 crore after the Disney- Hotstar deal with Jio Cinema. The update comes as Star India has suffered a major loss of Rs 12,548 crore. For the unversed, the Disney Hotstar had a huge deal with Mukesh Ambani’s Jio Cinema regarding the broadcasting rights of cricket in India and subsequently, OTT platforms like Jio Cinema are being merged with Hotstar.
In the latest report, Star India has declared that the standalone loss of Disney-owned Star India for the year between April 2023 and March 2024 has been Rs 12,548 crore. In the previous financial year 2022-23, Star India’s net profit was Rs 1,465 crore. While the company’s operating revenue was Rs 18,587 crore in 2023-24.
Reason behind massive loss for Mukesh Ambani
Star India’s less than impressive results are primarily due to the hefty sum of Rs 12,319 crore they put aside to secure the International Cricket Council (ICC) media rights. They have successfully acquired both the television broadcasting and online streaming rights for all ICC tournaments. This deal, costing them a whopping $3 billion, extends for four years, up to 2027, as
Mukesh Ambani’s Jio goes for IPO
Indian billionaire Mukesh Ambani targets a 2025 Mumbai listing for his telecom business Jio, valued by analysts at over $100 billion, and plans to launch his retail unit’s IPO much later, two people familiar with the matter told Reuters.
Reliance Industries’ boss Ambani hasn’t updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would “move towards” a listing within five years.
In recent years, Ambani, Asia’s richest man, raised $25 billion collectively for digital, telecom and retail businesses from the likes of KKR, General Atlantic and Abu Dhabi Investment Authority, valuing both ventures at above $100 billion.
The two sources said Reliance has now firmed up plans to launch the Reliance Jio IPO in 2025 as it internally believes it has achieved a stable business and revenue stream in becoming India’s No. 1 telecom player with 479 million subscribers.
But the retail business IPO is not expected until after 2025 as the company first needs to address some internal business and operational challenges, said the first source. Oil-to-retail conglomerate Reliance Industries did not respond to a request for comment.
Reliance Jio is set to lock horns with Elon Musk if he launches his Starlink internet service in India, and Jio, which is also backed by Google and Meta, has partnered with Nvidia to develop AI infrastructure.
(With inputs from agencies)