Sci-tech

Fox's Star India Bags Indian Cricket Rights for $940 Million

Fox's Star India Bags Indian Cricket Rights for $940 Million

The broadcaster won the Board of Control for Cricket in India (BCCI) global and domestic media rights, following an online auction, for the period starting 15th April 2018 till 31st March 2023, for Rs 6,138 crore (about $950 million), it said in a statement.

Earlier, Star India Private Limited had also secured the broadcast and digital rights for the VIVO Indian Premier League for the next five years.

Mr. Uday Shankar, Chairman, Star India Private Limited, said: Having both the IPL and India Domestic and International Rights puts us in a special position.

It was an intense three-way right between Star India, Sony and Reliance Jio in the first ever E-auction held by BCCI.

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The bidders were narrowed down from six to three - Sony Pictures Network India, Star India and Reliance - after the BCCI's legal team carried out technical and feasibility checks before the e-auction began. Do the math here: Star are going to pay Rs 60.176 crore per match to the BCCI for every home game India plays - irrespective of format - over the next five-year cycle. Reserve price for digital for the first year was pegged at Rs 8 crore and at Rs 7 crore for the next four years. "If you see the last five years average we have grown viewership of all forms of cricket", he stated. The former Rupert Murdoch's Foxled India arm - which has now been taken over by Walt Disney following a $54b deal in late 2017 - will pay BCCI a little in excess of Rs 60 crore (Rs 60.176 crore to be precise) per match. The fierce bidding underlines the importance of domestic and global cricket. Then, the company had bid for the Indian matches to be played during 2012 to 2018.

Star India in a smart move has "deepened" its cricket portfolio and association with the BCCI and Team India. These were considered eligible by the BCCI to submit online financial bids. In the previous bid, Star had recorded a bid of Rs 3,851 crore and Sony had missed out narrowly, making a bid of Rs 3,700 crore.

Around 120 home worldwide matches across three formats will be played during those five years including 22 Tests. The auction which began on Tuesday afternoon, soon became a triple threat battle between Star India, Sony Pictures, and Reliance in a victor take it all scenario as three of them bid for global consolidated rights (GCR) for Indian cricket. The amount will be Rs 77.4 crore and Rs 78.9 crore in the last two years.


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