The $1.5 billion International Cricket Council (ICC) TV rights deal between Disney Star and Zee Entertainment Enterprises hangs in the balance with the new media rights cycle set to kick off next month.
According to the Economic Times, the ICC TV deal, which was announced in August 2022, is yet to be concluded as Zee has not given the required bank guarantees to Disney Star.
In its FY23 annual report, Zee said that the acquisition of ICC TV rights is “subject to certain conditions precedent, including submitting financial commitments, guarantees, and ICC approval for sub-licensing to the firm, which is pending”.
The uncertain status of the ICC TV deal will be a key point of consideration during the due diligence and valuation exercises between Walt Disney and Reliance Industries (RIL) regarding the potential merger of Star India and Viacom18.
The ICC Under-19 Men’s Cricket World Cup 2024, which will be held in South Africa from January 19 to February 11, will be the first tournament under the new media rights cycle. Disney Star acquired the ICC TV and digital rights for India from 2024 to 2027 for $3 billion and sub-licensed the TV rights for the men’s and Under-19 global events to Zee while retaining the digital rights.