DTVHINDIZee accuses Star India of violating terms of ICC TV deal, seeks return of Rs 68.54 crore
ZEEL demanded a huge refund of Rs 68.54 crore saying there was a breach of the agreement and the same was rejected. ICC (Image Credit- Twitter X) Zee Entertainment Enterprises (ZEEL) is embroiled in a legal battle with Star India (Disney Star) over the television broadcast rights of ICC cricket matches in India. In fact, in August 2022, ZEEL had entered into an agreement with Star India to sub-license the TV broadcast rights of ICC Men’s and U19 international fixtures. Zee Entertainment Enterprises Ltd has alleged that Star India failed to uphold the agreement citing default in obtaining necessary approvals from the International Cricket Council (ICC) and did not execute the required documents and adhere to the agreed terms. ZEEL demanded a huge refund of Rs 68.54 crore saying there was a breach of the agreement and the same was rejected. The financial implications of the dispute are significant. Zee Entertainment Enterprises has already spent Rs 72.14 crore towards bank guarantee commission and interest expenses. Star India has claimed dues of Rs 1,693.42 crore from ZEEL as rights fees and an additional Rs 17 crore towards deposited interest. However, Zee Entertainment Enterprise argued that due to violation and non-compliance of rules by Star India, the sub-license has become invalid. ZEE made a big claim Despite Star’s claims, ZEEL has denied all this and has asserted its strong and legitimate grounds to defend any claims. In response, Zee Entertainment Enterprises Limited not only canceled the car but also demanded a refund of Rs 68.54 crore. Actually, the viewership of Indian fans in ICC events was very high and there is a difference of opinion between the two parties regarding this. Now it remains to be seen what will be the decision in the end? At present both the parties are making their own demands. 3 biggest wins recorded by India in terms of runs in Test cricket These 5 bowlers have sent Virat Kohli to the pavilion for a golden duck in IPL. List of bowlers who took the fastest 500 wickets in Test cricket- 4 Indian players who scored the fastest half-centuries in test debut 5 teams that have won the Under 19 World Cup the most number of times 3 Australian players who have won POTM awards the most number of times in T20I 5 players who made the biggest scores in ODI cricket for Sri Lanka Five best innings played by Indian captains in Under-19 World Cup 4 Indian bowlers who became number 1 bowler in test cricket List of batsmen who remained not out most number of times in IPL
Zee Entertainment and Cricket TV rights worth Rs 200 million, what is the whole matter? Know here
The fallout from this missed payment was felt strongly in the stock market, as Zee shares fell as much as 14% before recovering slightly. Zee Entertainment and Disney Hotstar (Pic Source-Twitter) Zee Entertainment Enterprises Limited suffered a major setback in his cricket activities as he Walt Disney missed a crucial payment of $200 million to the Indian unit of the company for the television rights of cricket matches. Sources familiar with the matter revealed that Zee cited cash crunch for skipping the installment due in early January, prompting Disney to seek clarification on the matter. The payment is part of the $1.4 billion committed by Zee for payment under the license agreement signed in August 2022 for the TV rights of International Cricket Council men’s matches in India till 2027. However, the Mumbai-based media giant failed to provide the bank guarantee required for this payment, raising concerns about potential legal disputes. This blunder has come to light amidst the ongoing case of collapse of Zee’s merger with Sony Group Corp. Let us tell you that Bloomberg News in its report had earlier reported Sony’s intention to issue a deal termination notice to Zee, while Zee maintained its stance on continued efforts towards finalizing the merger. The impact of this lapse goes beyond financial troubles, creating uncertainties about potential legal implications for Zee. Failure to respect payment deadlines could lead to legal complications, adding to the company’s existing challenges amid the impending fallout of the merger. Zee Entertainment’s shares also witnessed a decline. Zee Entertainment had pinned its hopes on these rights to increase its viewership and attract more advertisers, making this default a significant blow to its strategic plans. Also read: Mohammed Shami received Arjuna Award, Virat Kohli gave many best wishes to the Indian fast bowler. The fallout from this missed payment was felt strongly in the stock market, as Zee shares fell as much as 14% before recovering slightly. As per the latest update, the company’s shares were trading 7.7% down in Mumbai, in contrast to the upward move of the benchmark S&P BSE Sensex. IND vs AFG: Captain Rohit Sharma will give chance to these 11 players, see playing XI Not only Hardik Pandya, Mumbai Indians have also traded these players 5 batsmen who have scored more than 3 thousand runs in T20 International matches Top 10 batsmen who hit most sixes in IPL history IPL 2024: Gujarat Titans’ playing XI will be like this under the captaincy of Shubman Gill. 5 players who have scored the most centuries while opening in all formats of cricket Those 5 memorable innings of David Warner in Test cricket which are impossible to forget These 5 star cricketers can earn crores even by modeling IPL 2024: After taking over the captaincy of MI, Hardik Pandya will do whatever he wants, see playing XI 5 test matches which ended in the fewest overs
