The Walt Disney Company has finalized a deal to sell its minority stake in the Indian subscription television service Tata Play to the local conglomerate and majority shareholder Tata Group.

The transaction values Tata Play at approximately $1 billion, and Tata Group has taken full control of the platform after acquiring the 29.8% stake from Disney. Tata Play offers pay television through set-top boxes and over-the-top video streaming via its app, boasting 23 million subscribers.

This development comes as Disney focuses on merging its Indian media businesses with Reliance Industries, India's top conglomerate, to create an $8.5 billion entertainment giant in the world's most populous nation.

The merger is expected to offer more than 100 television channels and two streaming platforms. Additionally, Tata Group had previously increased its stake in Tata Play to 70% by acquiring a 10% stake from Singapore state investment firm Temasek for about $100 million.