ICC TV Rights Deal: Zee Refutes Star India Claim Seeking $940 Mn In Damages
Zee has said that it will contest all "unfounded claims by Star"
Star India has filed a Statement of Case against Zee Entertainment, seeking $940 million in damages over the terminated ICC TV rights deal.
The case is ongoing in the London Court of Arbitration where it was declared that the agreement has been terminated.
As reported first by Exchange4media, Zee has refuted the claims and assertions made by Star, including claims for the damages, the former informed the Securities Exchange Board of India.
Zee has also said that it will contest all "unfounded claims by Star".
Disney Star is seeking to renegotiate its substantial $3 billion media rights deal with the International Cricket Council (ICC) for the 2024-27 cycle. This comes in the wake of advertising revenue losses from the recent ICC Men's T20 World Cup that held in the US and the West Indies.
This August, Star India terminated its sub-licensing agreement with Zee Entertainment Enterprises Ltd (ZEEL) for the $1.5 billion ICC TV rights.
Disney-owned Star India had already initiated arbitration proceedings against ZEEL seeking damages for non- compliance with the terms of the alliance agreement dated August 26, 2022.
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