Star India bags IPL media rights with Rs 16347 crore bid for next 5 years

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New Delhi, Sep 4, 2017 (Zee News): In the end, it was Star India who emerged as the highest bidder in the Indian Premier League media rights auction for the next five years. Sony had bid for 11,050 cr in comparison to Star who had submitted a 16,347.5 cr bid.

Some of the biggest companies including, Facebook, Amazon, Twitter, Yahoo, Reliance Jio, Star India, Sony Pictures, Discovery, Sky, British Telecom and ESPN Digital Media purchased the bids which were divided into television and digital rights. In total, 24 bidders took part in the auction.

The bidding was conducted in the form of a tender process rather than the procedure of e-auction, something which the Indian board had opposed. The winner in each category was determined by matching the bids which will be presented. The rights were eventually awarded to the highest bidder in each category. A party capable enough and interested, can even make a bid for all seven categories.

As far as the Indian scenario is concerened, television rights will be the most lucrative property. Separate bidding will be conducted for USA, Europe, Middle East, Africa regions and the rest of the world. The term will be for five years.

Vivo are the title sponsors of the IPL, retaining the sponsorship rights for 2018-22 for approximately USD 341 million