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Zee Entertainment refutes Star India's claim over lapse of cricket broadcasting deal
VCCircle
·
10m ago
Medial
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.
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Disney-owned Star India begins arbitration against Zee Entertainment
Livemint
·
1y ago
Medial
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.
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Star India drags Zee to arbitration for cancelling ICC cricket deal
Thehindubusinessline
·
1y ago
Medial
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.
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Zee alleges Star India of violation of agreement of ICC TV deal; seeks refund of ₹68.54 crore
Thehindubusinessline
·
1y ago
Medial
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.
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Disney Star faces potential $2 Bn downgrade by Reliance amid Zee-Sony fallout
Inc42
·
1y ago
Medial
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.
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Zee's $1.4 bn cricket rights deal with Disney falls apart after Sony merger collapses
VCCircle
·
1y ago
Medial
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.
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Star India terminates ICC sub-licensing arrangement with ZEE, seeks damages
Livemint
·
1y ago
Medial
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.
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ED conducts search at Essel Group Continental Office in Mumbai
Livemint
·
1y ago
Medial
The Enforcement Directorate (ED) conducted a search at the Essel Group Continental Office in Mumbai. This comes as market regulator SEBI is already investigating Zee Entertainment and Essel group companies. The search has reportedly been ongoing since the afternoon. In related news, Zee Entertainment has approached the National Company Law Tribunal (NCLT) after Sony called off the proposed merger. Zee Entertainment has also taken legal action against Sony's $90 million termination fee claim. Sony terminated the merger deal with Zee two days ago.
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Disney-Reliance Indian merger: Who are the main rivals?
Reuters
·
1y ago
Medial
Disney and Reliance are merging to create a new entity that will challenge rivals like Sony and Netflix in India's media and entertainment sector, which is expected to be worth $100 billion by the end of the decade. Some other major players in India's media industry include Zee Entertainment, Sony India, Netflix, Amazon Prime, Bennett Coleman and Company, and Sun TV Network. These companies dominate television broadcasting, video streaming, movie production, and other aspects of the media landscape in India.
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Reliance-Disney’s $8.5 billion media merger will hurt competition, says CCI
Livemint
·
11m ago
Medial
India's antitrust body, the Competition Commission of India (CCI), has raised concerns about the $8.5 billion merger between Reliance and Walt Disney's media assets. The CCI believes that the merger could harm competition due to the companies' power over cricket broadcast rights, which would give them pricing power and control over advertisers. The merged company, majority-owned by Reliance, would become India's biggest entertainment player, competing with Sony, Zee Entertainment, Netflix, and Amazon. The CCI has asked both Reliance and Disney to explain why an investigation should not be ordered and has given them 30 days to respond.
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What led to Zee-Sony $10 billion merger failure?
Livemint
·
1y ago
Medial
Sony and Zee clashed over compliance issues, such as the disposal of Russian assets and a $1.4 billion cricket rights deal with Disney, before their $10 billion merger in India was canceled. Internal emails reveal the heated exchange between the two companies, with accusations of not honoring commitments and requests for deadline extensions. The collapse of the deal is a major setback for Zee, and investors are calling for transparency on the reasons behind the merger's failure. Compliance with U.S. sanctions and Zee's agreement with Disney for cricket rights were key points of contention.
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