Shares of a media company notched 8 percent gains on Friday’s early trades to reach an intraday high of ₹ 73.80 apiece on the National Stock Exchange (NSE), after BCCI (The Board of Control for Cricket in India) announced the successful bidder for its Media Rights. At 11:20 AM, its shares were trading at ₹ 71.50 apiece.
Viacom18, a joint venture between Network18 Group — a subsidiary of Reliance Industries Ltd, and Paramount Global emerged as the successful bidder for acquiring the Media Rights for BCCIs International and Domestic Matches for the period starting from September 2023 to March 2028.
BCCI had issued an invitation to tender (ITT) for media rights and an e-auction was conducted on August 31, 2023, wherein eligible bidders were permitted to participate to determine the successful bidder for media rights.
Viacom 18, acquired these rights for a cumulative figure of ₹ 5963 crores, subject to execution of definitive documentation and completion of formalities as required by BCCI, and other obligations specified in the ITT being completed.
Last year, Viacom 18 had acquired the digital rights for the Indian Premier League (IPL) for ₹ 26,000 crores. The higher valuation per match of the IPL could also be explained by the shorter duration and favourable time slots for the matches, according to experts.
The recent development makes Viacom 18 a dominant player in the Indian cricket broadcasting space. The company will broadcast Team India home matches, IPL (digital), Women IPL, Olympics 2024, SA home matches 2024, T10 League, Road Safety World Series, SA20, NBA, Serie A, La Liga, Ligue1, and Diamond League, according to reports. Sports18 will telecast the matches, international and domestic on TV, while it will be live-streamed on JioCinema as an OTT (over-the-top) platform.
The new cycle will start with India vs. Australia series scheduled later in September. A total of 88 bilateral matches (could go up to 102 matches) involving India will be broadcast. This covers 25 Tests, 27 ODIs and 36 T20Is.
Network 18 Media & Investments is engaged in activities spanning Digital Content, Print and Allied Businesses. It is a small-cap company with a market capitalization of ₹ 7,158 crores.
Written by Simran Bafna
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