BCCI media rights bidding war nears $1 billion mark
New Delhi: The bidding for the Board of Control for Cricket in India (BCCI) media rights closed at Rs6,032.50 crore on the second day of the first-ever e-auction being held in Mumbai in Wednesday.
The participating media firms, including Star India Pvt. Ltd, Sony Pictures Networks Pvt. Ltd and Jio (Reliance Industries Ltd), are bidding for the global consolidated rights (GCR) for the 2018-23 cycle of India’s home bilateral series.
The current bid value is significantly higher than Star TV’s record 2012 bid of Rs3,851 crore. The GCR comprises worldwide TV broadcast rights as well as digital rights for 102 matches (across three different formats) that India will play at home in the next five years.
Following the first day’s top bid of Rs4,442 crore on Tuesday, the companies started off with a Rs75 crore incremental sum, taking the first GCR bid on Wednesday to Rs4,517.25 crore. The other highs of the day were bids at Rs4,565.20 crore, Rs5,488.30 crore, Rs5,748 crore and Rs6,001 crore.
The e-auction continues on Thursday.
“My sense is that there has been a lot of focus on the digital media rights, bids for which are increasing each day. The five-year calendar is packed with 102 matches which will be played by teams which have posed good competition to Team India. In that case, it is only fair to command a high sum for the media rights to these matches,” said Jigar Rambhia, national director, sports and entertainment partnerships, Wavemaker India.
As per the norms, all three bidders are bidding through a unique log-in ID that is assigned to them. Currently, only three companies—Star, Sony and Jio— have submitted the technical bids. It is understood that firms such as Facebook, Google and YuppTV which had bought tender documents but did not submit their bids may have created consortiums with the primary bidders.
In e-auctions, the process is transparent but there’s no time limit for bidding. The bidding will stop once there is no further bid received for one hour after the last one. The identity of the bidder is also kept secret and the bids can be seen only by those participating in the auction.