Disney in talks to invest in Indonesia’s largest media firm: source

Disney in talks to invest in Indonesia’s largest media firm: source

FILE PHOTO: The entrance to Walt Disney studios is seen in Burbank, California, U.S. August 6, 2018. REUTERS/Lucy Nicholson/File Photo

JAKARTA (Reuters) – Media Nusantara Citra is not in talks with Disney over an investment in one of the Indonesian media group’s companies, president and founder Hary Tanoesoedibjo said on Tuesday.

An MNC executive had earlier told Reuters on Tuesday that the American group was looking at taking a stake in Indonesia’s largest media company.

“If the two companies can agree, Disney would invest $200 million for 10 years,” the executive said, asking not to be named due to the confidentiality of the talks.

Tanoesoedibjo, a business partner of U.S. President Donald Trump, told Reuters this was not accurate.

“There is clearly no talks with Disney,” he said.

The MNC executive had also said that a previous deal with MNC and Vivendi had been canceled. Under this deal, the French conglomerate would invest more than $500 million in acquiring stakes in two affiliates of MNC’s PT Global Mediacom.

But Tanoesoedibjo said the deal had not been canceled and that negotiations with Vivendi were ongoing. He said Vivendi was now looking to buy a stake through its subsidiary Canal Plus in MNC Vision Networks (MVN), an affiliate of MNC Media Group.

Tanoesoedibjo also said MVN was planning a public listing to attract investors.

Disney and Vivendi did not immediately respond to requests for comment.

Reporting by Cindy Silviana; Editing by Edmund Blair/Emelia Sithole-Matarise/Jane Merriman

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