According to Reuters, India's Zee Entertainment does not intend to move forward with a deal to pay around $1.4 billion for Cricket Council TV broadcast rights to the Walt Disney Company.
What’s Happening:
- India's Zee Entertainment will not be moving forward with a deal with the Walt Disney Company to pay approximately $1.4 billion for Cricket Council TV broadcast rights.
- Back in August, Zee told Indian stock exchanges it “had signed a strategic license agreement with Disney to take over certain International Cricket Council TV broadcast rights for four years, starting in 2024, while the U.S. company would retain streaming rights.”
- A source said, "The deal is off … Zee said they are not in a position to pay. Zee completely reneged on the rights."
- It was said that the Indian company missed the first $2 million payment to Disney in recent weeks and was “walking back on the deal.”
- Another source said, “The collapse of Zee's planned merger with Sony's Indian business this week also put paid to Zee's TV rights deal with Disney.”
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