Walt Disney is said to be in preliminary talks with Blackstone about a stake in Disney+. Hotstar, India’s TV Business

Disney has been looking into selling or partnering with its internet and TV businesses in India

Two sources familiar with the situation told Reuters on Wednesday that private equity firm Blackstone has held early talks with Walt Disney about acquiring a stake in the entertainment company’s Indian arm.

Blackstone is the latest contender for Disney’s assets in the highly competitive Indian market, where the company has been looking for a sale or a joint venture partner for its digital and television businesses.

Disney and Blackstone declined to comment.

According to one of the sources, Blackstone-backed US media firm Candle Media, created by former Disney executives, initiated discussions between the two sides last week.

The conversations were initially reported on Wednesday by the Indian publication The Economic Times. According to Bloomberg News, Disney has also had conversations with Indian billionaires Gautam Adani and Sun TV Network owner Kalanithi Maran.

With subscriber exits on the rise, Disney has attempted to resurrect its streaming business in India by giving free cricket on cellphones, thinking that the tactic will enhance advertising revenue.

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Meanwhile, it has lost streaming rights to Indian billionaire Mukesh Ambani’s broadcasting unit for certain key cricket tournaments, including the Indian Premier League and the national cricket team’s bilateral matches.

In an effort to reduce password sharing in the crucial market, it was reported in July that Disney’s India streaming service Disney+ Hotstar planned to begin imposing a rule that would permit its premium members to login from just four devices.

Netflix, a competitor of Disney, began informing its users in more than 100 countries in May that they would have to pay more if they wanted to share the service with individuals outside of their home.