According to Reuters, Indian billionaire Mukesh Ambani's broadcasting unit now has the rights to televise and live stream the national cricket teams, when Disney previously held the rights.
What’s Happening:
- Mukesh Ambani's broadcasting unit now has the rights to televise and live stream the national cricket team's bilateral matches.
- They won the rights for $721.41 million when Disney previously had them.
- On Thursday, the cricket administrator said: "Reliance Industries-owned joint venture Viacom18 won the Board of Control for Cricket in India's (BCCI) media rights for international and domestic games from September 2023 to March 2028".
- They already own the digital streaming rights to the Indian Premier League Twenty-20 (IPL T20) tournament.
- Last year, Ambani took the rights from Disney+ Hotstar in a $2.9 billion bid while streaming the games for free.
- "A single entity securing both TV and digital rights is mutually advantageous as it enhances negotiating leverage in contrast to two separate players, which fuels competitive rivalry, dampening overall revenue," said Elara Capital analyst Karan Taurani.
- Disney has decided to show the ongoing Asia Cup cricket tournament and the ICC Cricket World Cup for free on smartphones in hopes of boosting advertisement revenue.
- Last year, Disney renewed its media rights to show the International Cricket Council's tournaments in India from 2024 to 2027. At that time, the winning bid was $3 billion.