Indian cricket media rights bidding war spills over to Monday
By Shilpa Jamkhandikar and Amlan Chakraborty
MUMBAI/NEW DELHI (Reuters) -The bidding battle for media rights to the Indian Premier League (IPL) will proceed on Monday with Disney, Sony and India’s Reliance in competition for what may fetch the Indian cricket board as much as $6 billion.
The bidding started at 0530 GMT on Sunday for the published rights, digital rights, a bespoke bundle that features rights for high-value matches in addition to rights to broadcast the world’s richest T20 league in overseas territories.
“We’re very joyful that issues are going the best way they had been deliberate,” treasurer of the Indian cricket board (BCCI) Arun Singh Dhumal instructed Reuters.
“The individuals are very enthusiastic. The bidding remains to be on and we hope for a great quantity tomorrow.
“That is the primary time we went for an e-bidding to make sure a good and clear course of.”
The IPL, counting high Indian industrialists and Bollywood stars akin to Shah Rukh Khan amongst its franchise homeowners, is commonly seen as a surefire ticket to excessive TV scores and progress in India’s booming on-line streaming house.
However whereas the digital and tv rights for 2023 to 2027 are anticipated to greater than double the 163.48 billion rupees ($2.09 billion) that Star India, now owned by Walt Disney Co, paid in 2017, observers say warning could also be setting in.
“There’s additionally a worldwide shift towards saner valuations, the place investor expectations have shifted from ‘growth-at-any-cost’ to ‘growth-with-profitability’,” mentioned Mihir Shah, vice chairman of consultants Media Companions Asia.
Gujarat Titans, owned by European buyout agency CVC, gained the fifteenth version of the league, beating Rajasthan Royals within the Might 29 ultimate in entrance of greater than 100,000 followers in Ahmedabad.
The glitzy T20 league attracts the world’s greatest cricketers for 2 months of fast-paced matches performed to packed stadiums with cheerleaders and reside music.
Amazon.com Inc pulled out of the bidding course of on Friday, saying it didn’t assume it was viable progress possibility for the corporate in India.
Reliance Industries Ltd is bidding by way of its broadcasting three way partnership, Viacom 18. Sony Corp’s India unit and native broadcaster Zee Leisure are in merger talks however are bidding individually.
Final time, Star India gained a consolidated bid that gave it broadcasting rights on each tv and digital platforms.
“At renewal worth of $5 to $6 billion or extra, the rights would require the winner to achieve vital scale within the $20 billion aggressive streaming and TV business,” Shah mentioned.
($1 = 78.098 Indian rupees)
(Reporting by Shilpa Jamkhandikar and Amlan Chakraborty, Modifying by William Mallard and Ed Osmond)
