Star India writes off Rs 12K cr on ICC media rights deal
Star India has reported a standalone net loss of Rs 12,548 crore for FY24
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Published: Nov 13, 2024 10:58 AM | 1 min read
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Star India has disclosed in its regulatory filing that the company had to write off a loss of Rs 12,319 crore due to the "onerous contract" related to the ICC media rights deal.
The media company has reported a standalone net loss of Rs 12,548 crore for the financial year ending March 31, 2024. It is to be noted that Star India is in the final stages of a merger with Viacom18. Last year, it had posted a net profit of Rs 1,465 crore.
This August, Star India requested a renegotiation on the $3 billion media rights deal for the 2024-27 period with the International Cricket Council (ICC).
Disney-owned Star India terminated its alliance agreement with Zee Entertainment for the $1.5 billion ICC TV rights in July 2024.
In August 2024, Star India initiated arbitration against Zee, seeking $940 million in damages for alleged non-compliance with their 2022 alliance agreement. This came after Zee reportedly missed a crucial payment of $203.56 million in December 2023, prompting Star to claim a breach of contract. Following this, Star terminated the agreement, leading to a flurry of legal actions and counterclaims.
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