Disney takes $2B hit on India operations
14 Nov 2025

Walt Disney has posted major non-cash write-downs of nearly $2 billion for its India portfolio in fiscal year (FY) 2024 and 2025.

The charges are tied to the restructuring of its Indian businesses, including impairments on Star India (now JioStar India) and its stake in Tata Play.

The company reported these during its FY25 results announcement on Thursday.

$1.5 billion impairment in FY24
Fact

In FY2024, Disney took a $1.5 billion impairment on Star India. The company recorded another $100 million in FY2025. Along with this, it also recognized a non-cash tax charge of around $200 million in fiscal 2025 related to the closing of the Star India transaction.

Disney holds a 30% stake in Tata Play
JV stakes

Disney holds a 30% stake in Tata Play, while Tata Sons now owns 70% after buying Temasek's 10% stake for $100 million, valuing the platform at $1 billion.

Separately, Disney reported $635 million in fiscal 2025 for impairments related to A+E Networks (its equal joint venture with Hearst Corporation) and Tata Play.

However, the filings do not separate the figures for each entity.

Restructuring officially began on November 14, 2024
Restructuring details

Disney's India restructuring officially began on November 14, 2024.

The company merged the Star-branded TV channels and Disney+ Hotstar streaming service with Reliance Industries Ltd's media and entertainment assets under Viacom18 to form Jio Star India.

After the merger, Disney deconsolidated Star India's assets and liabilities, accounting for its 37% stake in the JV using the equity method.

Lossmaking in 1st post-closing reporting period
Financial shift

The filings also reveal that the India JV was lossmaking in its first post-closing reporting period.

Equity in the income of investees fell by $280 million year-on-year to $295 million, due to lower A+E contributions and a $202 million equity loss from the India joint venture.

Disney said this shift from full consolidation to minority ownership has changed how results from India flow through its books.

Global revenue up by 3%
Revenue growth

Globally, Disney's service revenue grew 3% to $84.6 billion, but this included an approximately 3-percentage-point decline from the Star India transaction.

The cost of services increased to $52.7 billion, reflecting a 4-percentage-point decline from removing Star India.

Selling, general administrative and other costs rose by 5% to $16.5 billion including a 2-percentage-point decline related to the transaction.