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ICC Media Rights Sale Stalls at $2.4 Billion
9 Dec
Summary
- JioStar withdraws from ICC media rights deal due to financial losses.
- ICC seeks $2.4 billion for 2026-2029 India media rights.
- Indian government's ban on real-money gaming hit cricket advertising hard.
The International Cricket Council faces a significant challenge as its primary broadcast partner, JioStar, has signaled its intention to withdraw from a four-year media rights deal with two years remaining. This unexpected move, driven by mounting financial losses, has forced the ICC to reopen the sale of media rights for the 2026-2029 cycle, setting a high price tag of $2.4 billion.
Despite the lucrative nature of cricket broadcasting in India, potential buyers including Sony Pictures Networks India, Netflix, and Amazon Prime Video have reportedly found the valuation too steep. This reluctance stems partly from a cooling sports broadcasting market and the impact of the Indian government's ban on real-money gaming, which previously served as a major advertiser for cricket, creating an estimated $840 million hole in projected revenues.
JioStar's financial statements reveal substantial provisions for expected losses on sports contracts, with Star India itself reporting a significant net loss in the last fiscal year. As the ICC grapples with finding a new partner before the 2026 T20 World Cup, this situation could reshape the future of cricket broadcasting business in India.
