BENGALURU -India's Tata Group is in advanced talks with Temasek Holdings to buy back about 20% stake in its entertainment content distribution platform, Tata Play, at a valuation of more than $1 billion, Bloomberg News reported on Thursday, citing people familiar with the matter.

Tata Group didn't immediately respond to a Reuters request for confirmation, and Temasek declined to comment.

While the discussions are ongoing, there is no certainty that the deal will go through, the report added.

Bloomberg News had in July reported that Tata Group is considering making an offer to buy back Temasek's stake as the conglomerate was weighing delaying a potential initial public offering for Tata Play.

Tata Play is a subscription-based video streaming service for television and over-the-top apps.