ICC scrambles for new broadcasters after JioStar signals withdrawal from rights deal
New Delhi
The International Cricket Council is confronting a major commercial crisis just months before the 2026 T20 World Cup in India. Reliance-owned JioStar has formally notified the ICC of its intention to exit its multi-year media rights agreement, despite two years remaining on the four-year cycle. According to the reports, the broadcaster’s decision stems from mounting financial losses, placing global cricket’s most lucrative media market in jeopardy ahead of a marquee event.
With JioStar’s notice submitted, the ICC has restarted the tender process for the 2026–29 India rights, seeking nearly $2.4 billion. This figure is significantly lower than the $3 billion valuation of the previous 2024–27 cycle, which guaranteed at least one men’s ICC tournament annually. Yet, despite the reduced pricing, major platforms such as Sony Pictures Networks India, Netflix, and Amazon Prime Video have shown no interest, reportedly due to steep costs and the struggling economics of India’s sports broadcasting market. If no replacement emerges, JioStar will be obligated to honour its deal through 2027.
JioStar’s financial stress is evident in its latest filings, which show provisions for sports-related losses doubling to ₹25,760 crore in 2024–25. Much of this strain traces back to Star India’s ₹12,319-crore provision for ICC rights before its merger with Viacom18. Meanwhile, the ICC itself recorded a surplus of $474 million in 2024, underscoring cricket’s profitability even as broadcasters suffer. A key factor behind JioStar’s worsening outlook is the Indian government’s ban on real-money gaming—formerly the sport’s biggest advertising category—creating an estimated ₹7,000-crore revenue gap. Sony, despite holding major international rights portfolios, has become increasingly cautious and even sub-licensed digital rights for the India–England Tests earlier this year. Netflix and Amazon remain hesitant, with limited forays into live sports. As broadcasters tighten budgets, the ICC now faces one of its toughest negotiations in years.
