Walt Disney’s losses from its Indian media joint venture with Reliance Industries declined in the June 2026 quarter, signalling an improvement in the performance of the business formed through their landmark media combination.
Disney reported a $44 million loss from the venture for the quarter ended June 27, compared with a $50 million loss in the corresponding period last year. For the first nine months of the year, Disney’s loss stood at $136 million, down from $186 million a year earlier.
The improvement comes as JioStar, the Reliance-Disney joint venture, has delivered a substantial improvement in its financial performance.
JioStar records sharp financial turnaround
JioStar’s revenue from operations increased 46.5% to ₹30,819 crore in FY26, compared with ₹21,044 crore in the previous financial year. Its profit after tax also surged to ₹3,145 crore from just ₹18 crore in FY25.
The company was created by combining Disney’s Star India television and streaming operations with Reliance-backed Viacom18. The merged entity now houses Star-branded television channels, Disney+ Hotstar, major sports properties and Viacom18’s entertainment assets.
However, the business continues to face substantial expenses associated with premium sports content, particularly cricket. JioStar reduced its provision for onerous sports contracts to ₹17,742 crore at the end of FY26 from ₹25,760 crore a year earlier. During the year, it utilised ₹8,018 crore of the existing provision and did not add a fresh provision.
Disney’s India drag continues to ease
The latest figures indicate that the Reliance-Disney combination is beginning to improve the economics of the Indian business, although high sports-rights costs remain a challenge.
For Disney, the narrowing loss represents a gradual reduction in the financial drag from its India operations. Under equity accounting, JioStar’s performance directly affects Disney’s reported income from its investees.
Despite remaining in the red, the lower quarterly loss highlights a positive shift in the trajectory of Disney’s India business.
