ICC Media Rights Tender: Disney Star, Sony, Viacom18 submit TECHNICAL BIDS, finacnial bids submission on 26th AUGUST: Follow LIVE UPDATES
ICC Media Rights Tender – Broadcasters Submit Technical Bids: The smile on the faces of International Cricket Officials is back as all…
ICC Media Rights Tender – Broadcasters Submit Technical Bids: The smile on the faces of International Cricket Officials is back as all top broadcasters submitted their TECHNICAL BIDS to ICC. InsideSport had earlier reported on Saturday that the upset broadcasters have agreed to submit the bids after ICC relented and changed some norms in the tender document. Disney Star, Sony Pictures Networks India (SPN), Viacom18, and Zee Entertainment Enterprises (ZEE) submitted their technical bids along with BID Collateral amounts. Eligible parties will now be asked to submit the financial bids on August 26: Follow Sports Business News Updates and ICC Media Tender Updates with InsideSpot.IN.
“ICC has made some desired changes to the tender. It has brought in some clarity. We have submitted our Technical BID to the ICC and have followed the deadline set by them”, confirmed Senior Executive of one of the top broadcaster.
Along with the Technical bids, a bid collateral amount of $ 3.25 million also has been submitted by the interested parties.
It is worth noting that the “under pressure from the broadcasters boycott threat” governing body of cricket made changes to its bidding documents. The Indian broadcasters demanded that ICC must be transparent in its bidding documents for better understanding and clarity in the process. While ICC refused initially, it finally agreed to make changes.
ICC Media Rights Tender: ‘Under Pressure’ ICC cede to some of the BROADCASTER DEMANDS. ‘base price set at $1.44 Billion for 4 years of RIGHTS: Follow LIVE UPDATES
ICC Media Rights: What are the changes ICC has made?
- The ICC has now set the base price at $1.44 billion for a 4-year cycle.
- The ICC has also revealed as per TOI that the second round of auction will be called in if the difference between the highest bid and 2nd highest bid is less than 10%.
- In that case, the second round of bidding will be an e-auction.
- The ICC has also proposed a 2.8 multiplier formula in case a broadcaster wants to bid for eight-year cycle.
- In that case, for eight years, the broadcaster will have to pay $4 billion which is slightly more than double the amount for four years.
- For example, if Star pays $2 billion for the first four and opts for a total of eight years, they will end up paying $5.6 Billion.
- However, not every broadcaster is happy with the 2.8 multiplier formula. But they have agreed to go ahead.
Why did broadcasters boycott mock auction? – For more than two months some top broadcasters and ICC are at loggerheads. After ICC paid no heed, Viacom18, incumbent rights holder Disney Star, Sony Sports and Zee boycotted the mock auction.
- All four cricket broadcasters wrote to the ICC saying the current tender document does not encourage them to submit a bid.
- Broadcasters said there was an absolute lack of clarity on the process.
- The broadcasters asked for a few changes in the rules, particularly over the bid submission schedule.
- Under pressure, ICC agreed to it later.
- But the broadcasters were still not satisfied because of the lack of clarity which ICC has now addressed.
“ICC officials have made a mess of this. The answers to our queries have made it more confusing for us. All their answers are ambiguous. We asked them who qualifies for STAGE 2? What are the criteria? They don’t have clear-cut answers. Our board may decide to boycott the tender completely. We may, unfortunately, have to take that course,” confirmed a very agitated Senior official of one of the top broadcast houses from India to InsideSport.
Follow Sports Business News Updates and ICC Media Tender Updates with InsideSpot.IN.