Sony, WSG pay $1 bn for 10-year IPL deal

Sony, WSG pay $1 bn for 10-year IPL deal
PTI
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First Published: Tue, Jan 15 2008. 12 08 AM IST
Updated: Tue, Jan 15 2008. 12 08 AM IST
New Delhi: Sports management company World Sport Group (WSG), in association with broadcaster Sony Entertainment Television (SET) won the media rights for the Indian Premier League (IPL) for $1.03 billion (about Rs4,048 crore).
The matches would be telecast on Sony but the company would have the right to sell the permit to channels overseas.
WSG has the telecast rights for 10 years, while the Sony deal initially is for five years.
The deal compares favourably with the $1.1 billion that broadcaster ESPN Star Sports paid for rights to all games organized by International Cricket Council from 2007 to 2115, including two World Cup matches.
Nimbus Communications Ltd had previously paid the cricket board $612 million for broadcasting rights of all official international and domestic matches played in India for four years through 2010.
“There were two bidders in the final phase, ESPN Star Sports and the Sony-WSG combine,” said IPL chairman and league commissioner Lalit Modi. The amount comprised $918 million in bid amount and $108 million for “compulsory promotional activities”. It had set a reserve price of $59 million a year for global rights.
The 44-day tournament, starting on April 18, will be played between eight teams, involving 59 matches and 177 hours of live content.
WSG South Asia chief executive Venu Nair said IPL was a 10-year property. “India is a key market for us,” he said.
Anik Basu of Mint contributed to this story.
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First Published: Tue, Jan 15 2008. 12 08 AM IST