According to Variety, it was revealed that Disney India is seeking $940 million in damages from Zee Entertainment Enterprises Limited.
What’s Happening:
- Disney India, which was previously known as Disney Star, wants $940 million in damages from India’s Zee Entertainment Enterprises Limited.
- This relates to the cricket rights deal that fell apart earlier this year.
- Following Disney's successful bid in 2022 for TV and digital rights for men's and women's cricket events by the International Cricket Council, covering from 2024 to 2027, the broadcasting rights for ICC men's and under-19 tournaments were sublicensed to ZEEL for a sum of $1.4 billion.
- Since January, it has become evident that the deal would not continue. At that time, Reuters reported that ZEEL had failed to make its initial $200 million stage payment and didn’t have the necessary resources to continue.
- The companies have started arbitration proceedings at the London Court of International Arbitration. In a regulatory filing by ZEEL, Disney stated that the agreement has been legitimately terminated and is seeking $940 million in damages, in addition to costs, expenses, and interest.
- ZEEL responded by saying it “categorically refutes all claims and assertions made by Star including its claims for damages. The arbitration is at its initial stage and the LCIA Arbitral Tribunal is yet to determine if the Company is liable in any manner. [ZEEL] will, on merits, strongly contest all unfounded claims by Star and reserves all its rights.”
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