ZEEL's first big move following re-entry into sports
ZEE will offer a compelling experience for the viewers and a great return on investment for the advertisers, said MD and CEO Punit Goenka
Media conglomerate ZEEL has made a grand entry into sports broadcasting by acquiring the India TV rights to International Cricket Council (ICC) men's events from 2024-27. Disney Star, the ICC media rights owner, has licenced the TV rights to ZEEL while retaining the digital rights.
As part of the deal, while ZEEL will be the one-stop TV destination for ICC men’s tournaments in India, Disney+ Hotstar will exclusively retain the ICC digital rights.
ZEEL MD and CEO Punit Goenka pointed out that this is a first-of-its-kind partnership in the Indian media & entertainment landscape. He also stated that this association reflects the company's sharp and strategic vision for the sports business in India.
"As a one-stop television destination for ICC men’s cricket events until 2027, ZEE will leverage the strength of its network to offer a compelling experience for its viewers and a great return on investment for its advertisers. Long-term profitability and value-generation continue to be our areas of focus across the business, and we will always evaluate all the necessary steps that will enable us to make sports a compelling value proposition for the company," he added.
Last year, ZEEL made its first big acquisition in sports by picking up the media rights to International League T20 (earlier UAE T20 League) for a period of 10 years. The company had a four-year non-compete agreement with Sony Pictures Networks India (SPNI).
In 2016, ZEEL exited the sports broadcasting business by selling Ten Sports to SPNI for $385 million. In December 2021, Sony and Zee inked a merger deal that will see the creation of a media behemoth with a presence across TV, digital, and movie production.
The company had actively participated in the bidding for both Indian Premier League (IPL) and ICC rights. Prior to that, it had buried the hatchet with the Board of Control for Cricket in India (BCCI) by withdrawing court cases against the board.
Goenka had earlier said that the company would be aggressive in sports acquisition while being prudent. He had also stated that Sony and Zee could not come to any understanding on sports rights bidding till the merger process was completed.
“Having said that we will be aggressive in sports acquisition independently as well as jointly as and when the companies come together but keeping prudence in mind that eventually, we have to deliver shareholders value,” he had stated.
