Media rights: ICC's hunt for JioStar successor may be easier said than done

India’s cricket broadcasting rights ecosystem is entering a phase of unprecedented turmoil, with uncertainty growing over who will step in to take over the ICC’s media rights after JioStar reportedly indicated its intention to withdraw midway through the term.

Although JioStar has not issued an official statement, the ICC has already approached other broadcasters and streaming platforms, who are currently in early-stage negotiations.

Also read: ICC approaches SPNI, Netflix, Amazon to take over media rights as JioStar seeks exit

ICC looks for new media partner as JioStar plans exit: Report

However, experts point out that potential bidders may not be very enthusiastic. A weak advertising environment and muted subscription growth have made the economics challenging, especially since JioStar had committed 3 billion USD for four years but struggled to monetise ICC events enough to offset the steep rights cost. The hesitation could deepen further with ICC now planning to sell the rights for the 2026 to 2029 cycle at around 2.4 billion US dollars. 

As one seasoned industry insider puts it, “the decision of JioStar to seek retendering of its International Cricket Council media rights deal marks a brutal reality check. The 3 billion USD price tag might have made strategic sense on paper at the time of bidding, but with advertising down and subscription revenues stagnant, the economics simply do not add up any more.

This unfolding situation has created a significant churn in India’s sports broadcasting landscape. 

The ICC has already reached out to Sony Pictures Networks India, Netflix and Amazon Prime Video to explore whether any of them would be willing to take over the remaining tenure of the deal. 

The timing of this outreach, coming just months before the ICC Men’s T20 World Cup scheduled for early next year, reflects the urgency of the matter. Some sources claim that SPNI has opted out of the race, while others insist that all three players remain engaged in exploratory discussions. SPNI itself has declined to comment, maintaining silence as the industry speculates on the next steps.

“The financial strain faced by JioStar is central to the evolving narrative. When the agreement was originally signed, the commitment was made by Disney Star. Following the merger of Viacom18 and Star India, the entire responsibility for fulfilling sports rights obligations passed to JioStar,” industry veterans say, adding that JioStar inherited a deal whose commercial assumptions were already beginning to look shaky.

Moreover, unlike properties such as the Indian Premier League which generate concentrated and predictable revenue, ICC tournaments are spread across multiple months with varying viewership patterns. This makes it more difficult for broadcasters to build a consistent monetisation strategy around them, said industry sources.

Further, the ban on real money gaming apps, which were among the biggest advertisers on cricket properties, has created a significant gap in revenue projections. 

For several years, these gaming platforms filled inventories across major events, driving up ad rates and providing an essential revenue stream. Their sudden disappearance from the market has had a disproportionate impact on cricket broadcasters. This setback has coincided with a period where marketers are spending cautiously and brands are choosing selective impact properties instead of broad, high-cost packages.

“The timing of the withdrawal proposal is also linked to the fact that the next major ICC tournament takes place early next year. The months preceding the T20 World Cup are generally not heavy monetisation windows. As a result, the broadcaster faces a prolonged period of low advertising inflow before any potential revenue spike. This has contributed to the decision to explore a retendering of the rights,” said another expert.

Industry executives familiar with ICC contracts say another complication arises from the payment structure. Broadcasters do not pay the entire rights fee upfront. Instead, payments are made in half yearly instalments. 

A broadcast veteran said, “JioStar is believed to have paid for roughly two years of the contract, leaving a significant portion unpaid. Any attempt to exit midway will therefore be subject to a penalty clause, which can be substantial.”

This means that even if JioStar is eager to exit, the financial burden associated with termination is expected to be high. Some observers believe that this may push JioStar to renegotiate rather than withdraw entirely.

The ICC also faces a complex challenge. It must ensure continuity of coverage for one of its most important global markets. 

According to a senior industry figure, “it would be extremely difficult to find a new broadcaster and complete all operational formalities before February, by which point preparations for the World Cup will be in advanced stages. The most likely scenario is that the ICC may renegotiate the deal with JioStar. This could involve price recalibration, a restructuring of payments, or a modified content distribution arrangement.”

Potential alternative bidders such as Netflix and Amazon Prime Video bring their own strategic considerations. For both platforms, entering cricket in India would signal a transformative shift. Netflix has largely stayed away from live sports globally but has shown interest in live events in select international markets. 

If either platform chooses to step in, they are likely to structure the deal differently. 

A broadcast veteran explained that one possible model is for these platforms to acquire rights and then sub-license portions to other broadcasters, either through revenue share arrangements or fixed fee deals. This would reduce their commercial risk while giving them access to the cricket ecosystem.

This moment of uncertainty contrasts sharply with the stability of the previous ICC rights cycle. 

Between 2015 and 2023, Star Sports held the global broadcast rights for all ICC events. The contract was renewed with Disney Star for 2024-2027 cycle, before it merged with Reliance Industries to become JioStar.

That cycle included tournaments such as the ICC Cricket World Cup, the ICC Women’s World Cup, the ICC World Twenty20, the ICC Champions Trophy, and the ICC Under 19 Cricket World Cup. 

Star Sports handled both television and digital distribution across more than 200 markets, reaching nearly, at one point, 5 billion viewers worldwide. The presence of a single dominant broadcaster created a predictable commercial environment. Advertisers could plan long term strategies with confidence and distributors had a clear roadmap for content availability.

The current turbulence is further emphasized by the financial disclosures of Reliance Industries. The latest annual report shows that provisions for onerous sports contracts at JioStar increased to an extraordinary Rs 25,760 crore in the financial year 2024 to 2025. 

This is more than double the Rs 12, 319 crore recorded the previous year. These provisions suggest that the company anticipates potential losses on long term sports rights deals, which may include a combination of cricket properties, international leagues, and other premium rights packages whose monetisation is proving difficult.

Despite these financial pressures, JioStar has delivered a narrow standalone profit of Rs 18 crore in the latest financial year. This marks a dramatic turnaround from the loss of Rs 12,548 crore reported a year earlier. 

Revenues increased modestly to Rs 21,044 crore from Rs 20,097 crore rupees. 

Advertising, subscription income, and syndication contributed to this growth even though operating costs remained high at Rs 17,826 crore.

Beyond the immediate financials, JioStar has emerged as the largest media platform in India following the merger of Viacom18 and Star India. According to the annual report, the company commands an estimated 34 % share of the television entertainment market and more than 85% of the sports viewership market. 

JioHotstar has also cemented its position as a digital powerhouse with 280 million subscribers during IPL Season 18 and 503 million peak monthly active users in March 2025. The platform continues to break records, with IPL 2025 hitting 652 million viewers and the Champions Trophy 2025 recording 61.2 million concurrent viewers. 

On the television front, JioStar’s regional strength remains robust. Star Plus holds 27% share in the Hindi general entertainment category. Channels such as Star Pravah, Star Jalsha, Star Vijay, and Star Maa continue to dominate their respective markets. These achievements highlight the scale at which JioStar operates and underscore the importance of cricket rights in sustaining its wider content strategy.

For the ICC, the stakes are equally high. India remains the largest commercial market for cricket and the value of its media rights is fundamental to the financial health of global cricket. As the ICC approaches the next rights cycle set for 2026 to 2029, the organisation is expected to adopt a more calibrated pricing strategy. 

Industry experts say that rights holders across sports are becoming more realistic about the limits of advertising led monetisation and the need for a sustainable balance between rights cost and market demand.

Several scenarios now lie ahead. The most likely outcome is a renegotiated partnership between JioStar and the ICC. This would allow continuity for the broadcaster, stability for the ICC, and a commercially viable middle path for both. Another possibility is that a global streaming platform steps in, potentially reshaping the distribution framework by partnering with television networks or other apps. There is also the chance that the ICC could adopt a stop gap arrangement for the immediate tournament and then restructure the long-term plan.

Whatever the final outcome, the situation represents a pivotal moment for Indian sports broadcasting. It will influence the distribution of cricket, the economics of streaming, and the competitive strategies of major content platforms. The next few weeks will be crucial as the ICC seeks a path that ensures stability ahead of one of the most important cricket calendars in recent years. E4m reached out to JioStar for a comment but there was no response.