Star secure five-year IPL media rights deal for astonishing 16,000 crores
Star has bagged the media rights for the Indian Premier League, from 2018 to 2022, including the TV and digital rights for which they will shell out ₹16,347.50 crores, reported Cricbuzz. Star edged out Sony, who held the rights for the first decade, were in the race along with 24 competitors.
In the bid for the broadcast and digital rights in the Indian subcontinent and all global markets, 24 companies were expected to participate after picking up the Invitation To Tender (ITT). However, ESPN Digital Media, Sky Uk Ltd, Amazon, Twitter, including others did not submit bids which made it an easy win for Star. BCCI had even given foreign organizations the option of submitting bids which could have been a breakdown of the sum of parts or a breakdown of bids based on the market they were targeting.
In 2008, when the tournament started, Sony Pictures Network secured the rights for a 10-year duration with a bid of 8200 crores. Three years ago, with digital viewership numbers skyrocketing, the IPL sold the rights to Novi Digital (three years) in 2015 for 302.2 crore.
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