According to a report by The Economic Times, JioStar has formally informed the International Cricket Council (ICC) that it is planning to pull out of the media rights deal it is currently involved in, mainly for financial reasons that have been going on for a long time.
Together with Disney, the joint venture backed by Reliance Industries had acquired a global broadcast and digital rights package from the ICC for nearly $3 billion, which lasts until 2027. It is said that the company has communicated to the cricket governing body that it is no longer possible for them to keep the contract for the last two years due to a lack of funds; thus, ICC is looking for other partners for broadcasting and streaming.
JioStar seeks exit from ICC media rights deal ahead of T20 World Cup 2026
JioStar, the joint venture between Reliance Industries and Disney, has formally communicated to the International Cricket Council its decision to pull out from the global broadcast and digital rights agreement worth almost $3 billion, which was valid for three years and ran till 2027. The partnership’s exit was attributed to financial pressure that has been affecting the company for a while, with insiders saying that continuing the deal for the last two years is not not going to be financially viable.
In the meantime, the ICC is already looking for new partners for broadcasting and streaming, and it seems that among the companies that are being contacted as potential bidders are Sony Sports, Netflix, and Amazon Prime. Financial documents show that JioStar’s problems are so severe that the company is going to set aside ₹25,760 crore for loss-making sports contracts in FY25 compared to the earlier figure of ₹12,319 crore, which indicates that the management is fearing that revenues will not be able to cover the costs of acquisitions.
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