Walt Disney Co (DIS): restructuring charge — Disney to form JV with Reliance/Viacom18 in India; records $1.8-2.4B impairment

Walt Disney Co

JV combines Viacom18 and Star India; valued at ~$8.5B post-money, excluding synergies.
Reliance to invest ~$1.4B; ownership: Reliance 16.34%, Viacom18 46.82%, Disney 36.84%.
Disney records non-cash pre-tax impairment of $1.8-2.4B in current quarter for held-for-sale accounting.
JV will have 750M+ viewers; Nita Ambani as Chairperson, Uday Shankar as Vice Chairperson.
Expected close in Q4 2024 or Q1 2025; subject to regulatory and shareholder approvals.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Walt Disney Co announced a impairment with charges of between $1.8 billion to $2.4 billion affecting Star India Private Limited and entertainment linear networks reporting unit.

Type: impairment
Charge: between $1.8 billion to $2.4 billion
Affected area: Star India Private Limited and entertainment linear networks reporting unit

Exact text from the filing

In the current quarter, the Company currently expects to record non-cash pre-tax impairment charges estimated to be between $1.8 billion to $2.4 billion, approximately half of which reflects a write-down of the net assets of Star India, in order to adjust them to fair value (less estimated transaction costs) pursuant to held-for-sale accounting, and approximately half of which reflects a write-down of goodwill at the entertainment linear networks reporting unit, reflecting the impact of removing Star India.

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Source: SEC EDGAR

accession 0001193125-24-049404

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