The Walt Disney Company reported a $103 million equity loss from its Indian joint venture JioStar, with Reliance Industries and Bodhi Tree Systems, for the quarter ended 31 March 2025.
In a filing with the markets, Disney disclosed a total equity loss of $136 million from the JV for the six months ended 31 March 2025. These losses are primarily attributed to purchase-accounting amortisation adjustments following the formation of JioStar, finalised in 2024.
Disney holds a 37 % stake in the ₹8.5 bn JV, which merges Disney’s Star India and Disney+ Hotstar with Reliance’s Viacom18 and JioCinema, while Reliance controls 56 % and Bodhi Tree Systems holds 7 %. Despite the losses, JioStar reaches 760 million monthly viewers, holds a 34 % share of India’s TV entertainment market and its streaming platform, JioHotstar, had 280 million paid subscribers and 503 million monthly active users in March 2025.
Disney Equity Losses
The Walt Disney Company estimated an equity loss of approximately $300 million in fiscal year 2024–25 (FY25) from its Indian joint venture JioStar, primarily due to purchase-accounting amortisation following the JV’s establishment on 14 November 2024.
This adjustment contributed to a 55 % year-on-year decline in overseas revenue, which dropped to $223 million for the quarter ended 29 March 2025. Operating income from international businesses also fell sharply by 84 %, reaching $15 million.
In the first quarter (October–December 2024), Disney reported a $33 million equity loss from JioStar. From November 2024, the company began classifying its share of the India JV as “equity in the income of investees” and released deconsolidated financials for Star India, reflecting the JV’s new structure.
The Merger
On 14 November 2024, Reliance Industries finalised the merger of its media assets with The Walt Disney Company’s India business, creating the JioStar JV valued at ₹70,352 crore (US $8.5 bn) on a post-money basis, excluding synergies. Reliance Industries invested ₹11,500 crore (US $1.4 bn) to support the JV’s growth, with Nita Ambani appointed chairperson, according to a joint statement.
Reliance Industries holds a 16.34 % stake in JioStar, its step-down unit Viacom18 owns 46.82 %, and Disney retains 36.84 %. Despite Disney’s minority stake, Reliance retains control of the JV. The venture combines Disney’s Star India and Disney+ Hotstar with Reliance’s Viacom18 and JioCinema, reaching 760 million monthly viewers, commanding a 34 % share of India’s TV entertainment market and operating JioHotstar, which had 280 million paid subscribers and 503 million monthly active users as of March 2025.
