ESPN-Star bags TV rights of ICC for more than $1 Billion

ESPN-Star, a joint venture of Walt Disney Co. and News Corp., has won the broadcast rights to matches of the International Cricket Council, the governing body's Web site said.

The audio-visual rights for 18 ICC tournaments from late-2007 to 2015 were sold for an undisclosed sum "significantly in excess" of the ICC's previous commercial deal, ICC said.It now holds the media rights for the next eight years — from mid 2007 to 2015 — during which it can show 18 ICC tournaments, including two World Cups (in Asia — 2011 and Australasia — 2015), a minimum of three ICC Champions Trophy tournaments and two Twenty20 World Championships (in South Africa — 2007 and England — 2009).

“The decision was a unanimous one, taken by the ICC Board in Dubai on Saturday, and the ICC will now seek to reach final agreement with ESPN STAR Sports,” an ICC spokesman said. He, however, refused to disclose the amount of the winning bid. There were 14 bids for the lucrative rights.

It is learnt that ESPN STAR had submitted a bid for $ 1.1 billion. That is exactly double of what Rupert Murdoch-promoted Global Cricket Corporation ($550 million) paid to bag the rights for seven years — from 2000 to 2007. At that point in 2000, Zee had bid higher at $600 million but was disqualified due to lack of cricket telecast experience.

“We are absolutely delighted that, after an open and transparent process, we have what we believe to be the best deal for cricket. All the bids we received were of a very high standard and we would like to thank the unsuccessful organisations for their submissions,” ICC president Percy Sonn said in a statement.

Zee Sports, Ten Sports and Nimbus — the holders of Indian cricket board’s media rights — were also in the race for the rights. Sony Entertainment Television, the current rights holder for the India region, opted out of the race in view of the steep acquisition cost.

After winning the bid, ESPN India Managing Director RC Venkateish told DNA, “We are delighted with the results. The eight-year property clearly makes us the market leader.”

The 18 ICC tournaments will include two cricket World Cups, at least three Champions Trophy series and the first two Twenty20 world championships.

ESPN-Star had lost its bid for broadcast rights to the powerful Indian board's matches, which were earlier this year awarded to Nimbus for four years for a sum of $612 million.

Souce:DNA