ZEE Demands ₹68 Crore Refund From Star: On Canceling ₹11,637 Crore Cricket Broadcast Deal

Zee Entertainment has accused the broadcaster “Star” of breaching the terms of the ICC cricket rights agreement, demanding a refund of ₹68.54 crores. The deal involves Star Vault Disney’s subsidiary company.

Disney-Star Deal Worth $1.4 Billion Canceled Last Month

Last month, Zee Entertainment canceled a deal worth $1.4 billion with Disney-Star (approximately ₹11,637 crores at the time). The agreement between Zee Entertainment and Disney-Star for the broadcasting rights of International Cricket Council (ICC) men’s and under-19 cricket matches was signed earlier.

Allegations of Breach in the Deal by Star

Previously, Star was accused of breaching the broadcast deal with ZEE, and a legal notice was also sent. According to Zee, Star had not paid nearly $203.56 million (approximately ₹1,691 crores) along with commissions and interest for the first week of the rights deal.

Deal Signed on August 26, 2022

The information regarding the licensing agreement between Disney-Star and Zee Entertainment for broadcasting rights of ICC men’s and under-19 cricket matches was provided on August 30, 2022, through a filing by Zee on the stock exchange. The agreement was signed on August 26 and was valid for the next four years starting from 2024.

Reasons Behind Canceling the Zee-Sony Agreement

The broadcast agreement between Zee and Star was also a part of the $10 billion (approximately ₹83,140 crores) merger deal between Zee and Sony. It is believed that after Sony canceled the merger, Zee decided to terminate the broadcast deal with Star.

Sony Had Canceled the Merger Deal on January 22

Earlier, on January 22, Sony had terminated the merger deal with Zee. Both companies had agreed to this in December 2021. If the merger had gone through, Zee+Sony would have become the largest entertainment network in the country with over 24% ownership.

Akash Shrivastav

My name is Akash Shrivastav, and I am a Blogger. I have 8 years of experience in blogging for Finance, Business, Investment, Stock Market, Cryptocurreny and more. Through my writing, I aim to provide readers with insightful and informative content.