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Zee alleges Star India of violation of agreement of ICC TV deal; seeks refund of ₹68.54 crore

Thehindubusinessline

Thehindubusinessline · 1y ago

Zee alleges Star India of violation of agreement of ICC TV deal; seeks refund of ₹68.54 crore

Zee Entertainment Enterprises is accusing Star India of violating their agreement regarding the sharing of TV broadcast rights for ICC cricket matches. Zee Entertainment has requested a refund of INR 68.54 crore from Star India. The dispute arises from Star India's alleged failure to obtain necessary approvals and execute required documentation, leading to a breach of the agreement. Zee Entertainment has communicated to Star India that the alliance agreement cannot proceed and has demanded a refund of the amount already paid.

Related News

Star India terminates ICC sub-licensing arrangement with ZEE, seeks damages

Livemint

Livemint · 1y ago

Star India terminates ICC sub-licensing arrangement with ZEE, seeks damages

Star India has terminated its exclusive agreement with Zee Entertainment Enterprises Ltd (ZEE) due to allegations of contractual breaches. ZEE had previously sub-licensed the linear TV rights for ICC Men's tournaments to ZEE for the 2024-27 cycle. Star India initiated arbitration proceedings in March seeking specific performance of the agreement or compensation for damages. ZEE has stated that Star India's actions amount to a repudiation of the contract and is seeking a refund of ₹68.54 crore. ZEE believes it has strong grounds to defend itself in the ongoing arbitration process.

Star India drags Zee to arbitration for cancelling ICC cricket deal

Thehindubusinessline

Thehindubusinessline · 1y ago

Star India drags Zee to arbitration for cancelling ICC cricket deal

Zee Entertainment is facing arbitration proceedings from Star India for alleged non-compliance with a cricket broadcasting agreement. Star India is seeking damages for the non-compliance. Zee Entertainment disagrees and plans to file a response, counterclaims, and take appropriate legal actions. This comes after Zee Entertainment recently decided against proceeding with a $1.4 billion TV sub-licensing deal for ICC tournaments, accusing Star India of breaching the agreement and demanding a refund.

Disney Star faces potential $2 Bn downgrade by Reliance amid Zee-Sony fallout

Inc42 · 1y ago

Disney Star faces potential $2 Bn downgrade by Reliance amid Zee-Sony fallout

Disney Star's valuation may face a potential $2 billion hit following the failed merger between Sony and Zee Entertainment. Zee claims that the ICC TV contract with Disney Star was dependent on the successful completion of their merger with Sony. However, Disney Star disputes this claim. Reliance Industries is closely monitoring the situation as it could affect the value of Disney Star, particularly regarding the ICC TV deal. The fallout from Zee disputing a $1.5 billion sub-licensing deal for ICC has raised concerns about Reliance's downgrade of Disney Star.

Disney-owned Star India begins arbitration against Zee Entertainment

Livemint

Livemint · 1y ago

Disney-owned Star India begins arbitration against Zee Entertainment

Star India, a subsidiary of Walt Disney, has initiated arbitration proceedings against Zee Entertainment Enterprises. The dispute stems from an alleged breach of a cricket broadcasting agreement between the two companies. This comes after Zee terminated a deal with Sony for broadcasting ICC men's and under-19 tournaments. Zee claims that Star India violated the agreement and has filed a claim for ₹685.4 million ($8.3 million). Zee Entertainment disagrees with Star's claims and plans to file a response and counterclaims. This follows the failed merger between Zee and Sony.

Zee Entertainment refutes Star India's claim over lapse of cricket broadcasting deal

VCCircle

VCCircle · 11m ago

Zee Entertainment refutes Star India's claim over lapse of cricket broadcasting deal

Zee Entertainment has denied Star India's claim for damages amounting to $940 million in relation to the termination of a cricket broadcasting agreement. Star India is pursuing the damages in the London Court of International Arbitration (LCIA). Zee withdrew from a $1.4 billion deal with Star India in January, alleging that Star India had breached the agreement. Zee had initially sought repayment of INR 685.4 million ($8 million) as per its December-quarter earnings report. Analysts believe the outcome of the litigation is unlikely to have a significant financial impact on Zee Entertainment.

Zee's $1.4 bn cricket rights deal with Disney falls apart after Sony merger collapses

VCCircle

VCCircle · 1y ago

Zee's $1.4 bn cricket rights deal with Disney falls apart after Sony merger collapses

Zee Entertainment has informed Walt Disney that it is not proceeding with a $1.4 billion deal to acquire cricket TV rights that it had obtained from Disney. The Indian company had signed an agreement with Disney to take over certain International Cricket Council TV broadcast rights, starting in 2024. However, due to financial constraints, Zee missed the first payment to Disney and decided to back out of the deal. This development comes after Zee's planned merger with Sony's Indian business also fell through.

Tech giants expanded India's video revenues to $8.8 billion in 2023: report

Economic Times

Economic Times · 1y ago

Tech giants expanded India's video revenues to $8.8 billion in 2023: report

According to a report by Media Partners Asia (MPA), global tech giants like YouTube, Meta, Netflix, and Amazon have contributed to India's video revenues reaching an estimated $8.8 billion in 2023. Major Indian media companies, including Star India, Viacom18, Zee Entertainment, Sony Pictures, and Sun TV, have reported significant revenue figures as well. The report highlights the need for consolidation through mergers and acquisitions as India's pay-TV market transitions to connected TV. It also emphasizes the importance of extracting value from pay-TV affiliate fees, expanding the SVOD market, and capitalizing on the video advertising market. The fallout of the Sony-Zee agreement is expected to have significant implications for content and distribution businesses in India.

Fox channels may go dark on YouTube TV from Wednesday over payment dispute - The Economic Times

Economic Times

Economic Times · 3d ago

Fox channels may go dark on YouTube TV from Wednesday over payment dispute - The Economic Times

YouTube is negotiating a deal with Fox to renew its content partnership, as Fox demands higher payments compared to others. If unresolved by August 27, Fox channels might be removed from YouTube TV. YouTube offers a $10 credit to subscribers if Fox content becomes unavailable and seeks a fair agreement without increasing subscriber costs. Fox criticized Google’s negotiation stance, warning users of potential content loss if an agreement isn't reached soon.

Sony, Zee clashed over Russia assets, cricket deal before India deal collapse

VCCircle

VCCircle · 1y ago

Sony, Zee clashed over Russia assets, cricket deal before India deal collapse

According to internal emails reviewed by Reuters, Sony and Zee clashed over compliance issues, including Zee's failure to dispose of some Russian assets and its $1.4 billion cricket rights deal with Disney, leading to the collapse of their proposed India merger. The emails show accusations from both companies and requests for deadline extensions. The collapse of the deal is seen as a setback for Zee, while investors are still unaware of the exact reasons behind the failed merger. Other sticking points included Zee's deal with Disney and alleged breaches of the merger agreement.

ZEE seeks $90M termination fee from Sony for calling off merger

YourStory

YourStory · 1y ago

ZEE seeks $90M termination fee from Sony for calling off merger

Zee Entertainment Enterprises is seeking a termination fee of $90 million from Sony Group for cancelling their $10 billion merger deal. ZEEL has terminated the Merger Cooperation Agreement due to breaches by Sony Pictures Networks India (Culver Max Entertainment) and Bangla Entertainment. ZEE is now seeking the termination fee from Culver Max and BEPL in accordance with the agreement. Sony had previously initiated arbitration proceedings claiming the same termination fee. The merger between ZEEL and Sony Group entities had been approved by the Mumbai bench of NCLT but was terminated by Sony in January 2024.

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