Zee clarifies reports of Disney Star considering legal actions over the failed deal

Zee Entertainment Enterprises (ZEEL) has informed the Bombay Stock Exchange (BSE) that it is not aware of Disney considering legal action against it over the reported $1.4 billion ICC TV rights deal, as suggested by some media houses.

Zee in the clarification said, “ We would like to clarify that the Company is not aware of, and cannot comment on, Star India’s (“Disney Star”) intentions or next steps with respect to the strategic license agreement entered between the Company and Disney Star. It appears that the captioned news item mentions Disney Star’s internal discussions/ plans, which the Company cannot remark on.”

On January 29, the exchange sought clarification from the company regarding the media report.

Zee Entertainment backed out from a USD 1.4 billion licensing agreement with Disney Star for the TV broadcast right for cricket matches as a fallout of the collapse of its merger deal with Sony, according to industry sources.

Zee Entertainment Enterprises (ZEEL), which has already missed the first instalment of around USD 200 million, will not move ahead, NewsDrum reported.

The instalment to be paid to Disney Star was part of the USD 1.5 billion investment committed by Sony Group after its merger with ZEEL, said another industry source while confirming the development.

On August 30, 2022, ZEEL had announced entering into a strategic licensing agreement with Disney Star for television broadcasting rights of the ICC Men's and Under-19 global events for a period of four years.

Disney Star will continue to exclusively stream all ICC tournaments through its digital platform Disney+ Hotstar, a joint statement had said.

This was done with the in-principle approval from the International Cricket Council (ICC).

Disney Star bagged the broadcast rights of all ICC events for four years from 2024 to 2027 for the Indian market from the sport's global governing body.

As per the agreement, ZEEL was supposed to have exclusive television rights for ICC men's events, including the ICC Men's T20 World Cup, which will be played in 2024 and 2026, ICC Men's Champions Trophy (2025), and the ICC Men's Cricket World Cup (2027), along with key ICC U-19 events, it said.

Info@BestMediaInfo.com