India, May 7 -- In its financial report for the second quarter of 2024, US based entertainment major Walt Disney said it incurred over $2 Bn charges due to goodwill impairments related to Star India and entertainment linear networks in India.

The company said that the dent could be attributed to entering a binding agreement with Reliance Industries Limited (RIL) in the quarter to contribute Star India's operations in a new joint venture.

Goodwill impairment occurs when a company decides to pay more than book value for the acquisition of an asset, and then the value of that asset declines. The goodwill impairment can be attributed to the revenue decline for Star India as well as Disney+ Hotstar in the quarter.

In the quarter, Star India...