Indian billionaire Mukesh Ambani has now added a massive cricket deal to his empire.
An Ambani-backed venture has won the digital rights to broadcast the Indian Premier League (IPL), one of the most valuable sports brands in the world.
Viacom18 — a joint venture between Paramount and Ambani’s Reliance Industries — has secured the broadcasting rights for about 238 billion rupees ($3.05 billion), said Jay Shah, secretary of the Indian Cricket Board of Control. , on Twitter on Tuesday (14).
Meanwhile, Disney-owned Star India has retained the TV rights with an offer of around 236 billion rupees ($3.02 billion), Shah added. Both agreements run until 2027.
This puts the total value of IPL’s media rights at a record $6.2 billion. Just five years ago, Star India paid $2.6 billion for TV and digital rights over five years.
“Since its inception, IPL has been synonymous with growth and today is a red card day for India Cricket,” Shah said on Twitter.
“The IPL is now the second most valued sports league in the world in terms of value per match,” he added.
The IPL competition only takes place two months a year, but its value to media companies has skyrocketed as the global audience has exploded.
In terms of cost per match, the IPL has already surpassed the English Premier League and is second only to the National Football League in the United States, Bloomberg said.
The IPL was launched in 2007 and attracts the best cricketers in the world with high value contracts. Its massive popularity in India is seen as a surefire way to expand in the country’s burgeoning online media space.
Ambani, who is the richest man in Asia with a net worth of nearly $100 billion, inherited an oil business but has been investing heavily in other areas such as technology, clean energy and retail for years.
Reliance declined to comment.
Source: CNN Brasil
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