business news

Disney loses its Indian Premier League streaming rights

Disney loses its Indian Premier League

Cricket is the most popular sport in India. Disney has lost IPL streaming rights to Viacom18, a joint venture between rival Paramount and India’s Reliance Industries. Disney Star won the linear TV rights to the IPL by paying $3.02 billion at an auction for a deal spanning the next five years. According to the Times of India, Viacom18 paid $2.62 billion for digital rights.

Disney said early Tuesday morning that it bowed out of the race for streaming rights because the price got too high. “We chose not to proceed with the digital rights given the price required to secure that package,” the company said.

Disney shares fell nearly 2% in early morning trading in New York on Tuesday. Analysts said losing streaming rights to IPL cricket posed a major challenge to Disney’s wishes to rapidly grow its global streaming subscriber base.

Comment here