Sony Entertainment Television (SET) has decided to pull out of its $17 million deal with WorldTel to telecast cricket match from Bangladesh. The WorldTel has threatened to sue SET over non-payment of advances totalling $0.75 million for coverage of these matches. As per the deal, the matches were to be aired on SetMax.
SET and WorldTel had entered into an agreement to cover 13 cricket series in Bangladesh. But after one series, SET is now reconsidering its plans and has refused to pay the advance for the upcoming series against Zimbabwe.
According to the industry sources, SET is negotiating with WorldTel over the issue and expect to settle the matter amicably.
Earlier this month, Drew and Napier LLC, legal representatives of WorldTel had served a notice to SET Satellite (Singapore) to pay all the dues as well as confirm the performance of certain obligations. The notice also threatened to sue SET in the absence of such payment and confirmation.