The Walt Disney Company recorded an equity loss of $103 million in Q1 2025 from its Indian joint venture, JioStar, formed with Reliance Industries and Bodhi Tree Systems. Total equity loss from the JV reached $136 million over the six months ending March 2025, with Disney projecting a $300 million equity loss for FY25 due to purchase accounting amortisation.
Formed in November 2024, JioStar merged Disney India’s and Reliance’s media operations. Reliance now owns 56%, Disney holds 37%, and Bodhi Tree has a 7% stake. As a result, Disney no longer includes Star India’s financials in its core reporting. Instead, its 37% stake in JioStar is listed under “equity in the income of investees.”
This shift significantly impacted Disney’s Q2 FY25 international operating income, which dropped 84% YoY to $15 million, down from $92 million. Subscription revenue also dipped due to the removal of Star India’s figures and currency impacts, despite increased pricing and user base growth.
Disney also reported $109 million in content impairment costs, a drop from the $2.05 billion recorded in Q2 FY24 linked to Star India. Meanwhile, Disney remains responsible for $1 billion in letters of credit issued by Star India prior to the merger.
JioStar now reaches 760 million viewers monthly through TV and JioHotstar. As of March 2025, it had 28 crore paid subscribers and 50.3 crore MAUs. Financially, the JV posted a net profit of ₹229 crore on ₹10,006 crore revenue between November 2024 and March 2025.