Star terminates $1.5 bn deal with Zee, IBW News: English News, Breaking News in English, ताज़ा हिदी समाचार

Disney-owned Star India has terminated its alliance agreement with Zee Entertainment for the USD 1.5 billion International Cricket Council (ICC) TV rights on June 20, according to a regulatory filing by Zee.

However, the broadcaster has decided to seek damages during the arbitration proceedings, which have not yet been quantified. Star had initiated arbitration proceedings against Zee before the London Court of International Arbitration (LCIA) on 14 March, The Economic Times reported.

On August 26, 2022, Star had entered into an alliance agreement with Zee to sublicense ICC TV rights for Men’s and Under-19 (U-19) global events for a period of four years till 2027.

Zee didn’t go ahead with the alliance agreement due to the failure of its merger deal with Sony Pictures Networks India. As a standalone entity, Zee would have found it challenging to service the ICC TV rights deal.

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Yugal Kishore Sharma CEO, ONEOTT Intertainment Limited

Amazing and grim battle for survival. Guess it will end up in Supreme Court. All that NCLT asked Zee to do was to file a reply to Invesco petition for a EGM. Now this is getting too serious. So far Invesco has been hammered for demanding an EGM. What is Zee upto? Ofcourse my lawyer community knows better!

Ashok Mansukhani, Corporate Law and Media Law Advocate at Ashokmansukhani Associates

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Star terminates $1.5 bn deal with Zee

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