Delhi: Star India has initiated arbitration proceedings against Zee Entertainment for not complying with its August 2022 deal under which it would have sub-licenced the ICC TV rights until 2027.
The proceedings have been filed under the Arbitration Rules of London Court of International Arbitration.
In a regulator filing, Zee said, "Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that, on March 14, 2024, Star India (Star) has initiated arbitration proceedings against the
Company, under the alliance agreement dated August 26, 2022 entered between Star and the
Company, by filing a request for arbitration under the Arbitration Rules of
the London Court of International Arbitration."
Earlier, Zee claimed Rs 69 crore from Star India for allegedly violating the ICC TV rights agreement between the two entertainment and media firms.
Zee, in its Q3 financial statement, mentioned that it has strong and valid grounds to defend Star India's claims regarding the ICC TV rights agreement matter.
In January 2024, Zee Entertainment backed out from a $1.4 billion licensing agreement with Disney Star for the TV broadcast rights for cricket matches as a fallout of collapse of its merger deal with Sony, according to media reports.
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