Read on the application
A $1.5 billion International Cricket Council (ICC) TV rights deal between the Disney star and Zee Entertainment Enterprise is in the offing. A source has given this information. According to an Economic Times report, the source said the deal was announced in August 2022 but is yet to be completed. This is because JI did not provide the required bank guarantee to Disney Star.
At the same time, in the FY23 annual report, Zee Entertainment has said that the acquisition of ICC TV rights is subject to certain conditions. Let us tell you that the ICC Under-19 Men’s Cricket World Cup 2024 will be held in South Africa from January 19 to February 11. This will be the first tournament under the new media rights.
Digital rights worth $3 billion
The Disney star acquired the ICC TV and digital rights for India from 2024 to 2027 for $3 billion and sub-licensed the TV rights for men’s and under-19 global events to Zee Entertainment while retaining the digital rights. Interestingly, the Disney star’s winning bid of $3 billion was more than double that of Sony Pictures Networks India (SPNI) and Viacom18.
Both companies gave this offer
The two companies are believed to have offered $1.3-1.4 billion for the ICC’s TV and digital rights. Both the Disney star and Zee Entertainment declined to comment on the matter. However, if the ICC TV rights are not won, the Disney star, who has a contract with the ICC, will have to pay the entire $3 billion sports rights obligation over the next four years. Analysts tracking the media sector say the Disney star’s valuation is likely to fall due to expected losses from the game.