According to sportcal.com, News Corporation is set to take over as the sole distributor of the television and marketing rights of the International Cricket Council’s tournaments until 2007, including the 2003 and 2007 cricket World Cups.
The rights are presently distributed by the Global Cricket Corporation, a joint venture between News Corporation and World Sport Nimbus, which in turn is a joint venture between World Sport Group and Indian media company Nimbus Communications. Global Cricket Corp has guaranteed the ICC $550 million for its rights.
News Corp is to take over the full rights from World Sport Nimbus for a ‘nominal sum’, with WSG continuing to act as a marketing agent for the World Cups, but on a commission-only basis. The new deal, which comes at a time when the sports marketing industry is struggling globally to overcome a slump in advertising and broadcast markets, is expected to be formally announced later this month.
vNews Corp owns about 5.8 per cent of the London-listed WSG, whose share price has plummeted over the past year, down to 19p ($0.28) this week from a high of 175p last year.
Source: Financial Express