Sony Zee to merge for acquiring broadcasting rights for IPL 2023-27: Reports.
No doubt the cash-rich Indian Premier League is the toughest cricket league ever formed in the entire globe. With the explicit competition in the tournament for the cricketers, the life for the other associate partners of the tournament also gets tough. The mega auction of the IPL is planned to be held later this year and with the auction, the broadcasting rights of the league will also be on the auction table for sale.
As per the reports, several broadcasting groups have already put their names for the rights for the IPL 2023-27 cycle. The groups are also forming a merger in order to acquire the massive broadcasting rights of the IPL, which is currently under the control of Walt Disney.
One such merger is likely to be held between Sony and Zee Entertainment which according to the reports are going to place bids as part of the merger.
“Definitely sports is one area which shall be looked upon keenly. It will not only widen our target audience but also enrich our content offerings on digital platforms,” said Vikas Somani, head of mergers and acquisitions at Zee as quoted by the Financial Times.
Besides Sony and Zee Entertainment and Walt Disney, Amazon, Facebook and Mukesh Ambani’s Reliance are also in the race of the IPL broadcasting rights making the competition even tougher.
Tender for IPL Media Rights to be out in October:
The Board of Control for Cricket in India (BCCI) is planning to release the tender for the media rights after the completion of the Vivo IPL 2021. Moreover, the bids for the two new IPL franchises will also be opened around the same time, as per the reports.
With the IPL viewership skyrocketing in recent times, the media giants will place hefty bids for the acquisition. The price of the bids will grow knowing the fact that the Indian T20 league is shattering every single record in each new edition.
BCCI secretary Jay Shah shared a milestone where he informed that the IPL 2021 garnered 380 million TV viewers (till match 35) which is 12 million more than IPL 2020 at the same stage.
“I am delighted to share that #IPL2021 continues to register significant growth in viewership. 380 million TV viewers (till match 35), 12 million more than 2020 at the same stage. Thank you, everyone. It will only get more exciting from here on @IPL @StarSportsIndia @BCCI,” Jay Shah tweeted.
The merger of Zee Entertainment and Sony will turn them into India’s biggest market holder with shares of around 27 per cent. It is noteworthy, Walt Disney owns a 24 per cent Indian market share.
“With the cash infusion as proposed in the transaction terms, it gives us the firepower to go and bid competitively for these premium sports properties,” he added.
“It’s an important deal at a very critical time when the India market is migrating from TV to digital. Sports are a huge, huge part of that,” a person in the know of developments added.