Starting 2024, Zee-Sony will broadcast ICC events on Television (TV). India Inc. has been eagerly awaiting the Zee-Sony merger. If there are no petitions contesting the NCLT judgment, Thursday’s development should put an end to the uncertainty surrounding the proposed integration of two key participants in the Indian broadcasting business, which experienced difficulties because of several litigations.
Along with other broadcasting developments, the August 31 media rights auction for the BCCI bilateral rights would be directly impacted by this merger. According to expectations, Zee-Sony will work together to become a powerful force in the cricket broadcasting market and present a serious threat to Disney Star and Viacom 18.
Zee has previously committed to collaborate with Disney Star, which had earlier this year acquired worldwide cricket rights for four years beginning in 2024. According to reports and business rumors, this arrangement had problems once more because of the bank guarantee clause.
According to Cricbuzz, Sony will uphold the contract and, if one hasn’t already been given, will submit the guarantee. As per a source acquainted with the situation, all of Zee’s obligations will transfer to Sony once the merger is finalized. The ICC matches will begin airing on Zee-Sony in 2024.
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Disney Star & Zee-Sony
The unique agreement between Disney-Star and Zee kept the ICC media rights deal, said to be worth US$3.04 billion for just the India market, in the news. The action was seen as Disney Star’s attempt to lessen the financial burden of the agreement while also maximizing the digital component.
To everyone’s surprise, the “masterstroke” is just waiting for its first move. Zee-Sony have now merged for the broadcast rights, so now developments can be expected in that direction.
There has been no development since the agreement was published and received “in-principle” approval from the international cricket governing body. One of the main reasons the BCCI has postponed releasing its own bilateral media rights tender is the current situation.
Disney is under increasing pressure since, regardless of what occurs between Disney-Star and Zee-Sony, Disney-Star will be the one to provide funds to the ICC.
But it’s also important to note that Disney’s prior rights cycle with the ICC is still active and won’t end until after the 50-over World Cup in 2023.
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