Star India-controlled Novi Digital Entertainment, which operates the Disney+ Hotstar streaming platform, sold its US business to Buena Vista Video on Demand (BVVOD), a unit of Walt Disney, for Rs 178.13 crore.
Disney+ Hotstar, which was called Hotstar in the US, exited the market in 2021. Walt Disney’s BVVOD is a leading distributor of movies in the Video-On-Demand arena.
According to Novi Digital Entertainment’s FY22 filing sourced by Tofler, the company also received Rs 41.59 crore due to write-back of deferred income relating to Hotstar US subscribers taken over by BVVOD.
In FY22,
Novi Digital recognised an exceptional income of Rs 219.72 crore due to the sale of Hotstar’s US operations and the write-back of deferred income.
For the fiscal year ending March 31, 2022, the company recorded 93% growth in its total turnover of Rs 3,220.41 crore and a 43% reduction in net loss to…
