Disney-owned Star India ended its $1.5 billion alliance with Zee Entertainment for ICC TV rights on June 20, as per Zee’s regulatory filing. Zee plans to seek damages in ongoing arbitration proceedings, which Star initiated on March 14 with the London Court of International Arbitration (LCIA).
On Wednesday, Zee reported that Star India cited a breach of contract as the reason for terminating the agreement. The original deal, signed on August 26, 2022, had positioned Zee to broadcast major ICC events, including the ICC Men’s T20 World Cups and the ICC Men’s Cricket World Cup.
“During the previous year, Star had sent letters to Zee alleging breach of the Alliance Agreement due to nonpayment of dues for the rights fee’s first installment, aggregating to $203.56 million, along with the payment for bank guarantee commission and deposit interest aggregating Rs 17 crore, and financial commitments, including furnishing of corporate guarantee/confirmation as stated in the agreement,” Zee said in its disclosure.
“Based on legal advice, the management believes that Star has not acted in accordance with the Alliance Agreement and has failed to obtain necessary approvals and execute the required documentation and agreements,” the company added.
The terminated deal would have given Zee exclusive television rights to major ICC men’s events, including the ICC Men’s T20 World Cups (2024, 2026), the ICC Men’s Champions Trophy (2025), the ICC Men’s Cricket World Cup (2027), and key ICC U-19 events.
Name of Author: Cricexec Staff
