New Delhi, January 25: Zee Entertainment Enterprises Ltd (Zee) has reportedly stepping back from a significant agreement with Walt Disney. In August 2022, Zee has entered into a strategic license contract with Disney. This agreement will enable Zee to acquire certain International Cricket Council television broadcast rights, beginning in 2024 and lasting for four years, with Disney holding the streaming rights.
As per a report by Business Today, Zee Entertainment Enterprises Limited has communicated to Walt Disney that it no longer plans to proceed with an arrangement. The agreement involved a deal of USD 1.4 billion for the cricket television broadcasting rights it had previously obtained from the US firm. This information follows the termination of a separate USD 10.5-billion merger deal between Zee and Sony earlier in the week, suggesting a period of major changes for Zee. Meta Announces ‘Stricter Private Messaging Setting for Teens’ on Instagram and Facebook, Aims To Protect Teens From Unwanted Contact.
In the year 2022, Zee Entertainment Enterprises obtained a portion of the ICC rights for the Indian audience, originally secured by Disney Star. The original agreement with Disney had been intended to grant Zee the broadcast rights for ICC men's and Under-19 tournaments in India for 2024-2027, while Disney Star retained the digital rights for these events. Between 2024 and 2027, four men's cricket tournaments are set to take place. The tournaments include two T20 World Cups slated for 2024 and 2026, the Champions Trophy in 2025, and the One Day International (ODI) World Cup scheduled for 2027. Microsoft Translator Update: Microsoft Announces ‘Chhattisgarhi’ and ‘Manipuri’ Languages to Its Multilingual Cloud Translation Service.
The implications of Zee's withdrawal might be significant, as the broadcaster missed an early-January deadline to pay USD 200 million, according to Bloomberg News. This could potentially lead to legal challenges, as Disney Star may explore legal options if Zee fails to honour its ICC TV sub-licensing deal. The acquisition of ICC TV rights by Zee was subject to certain conditions, including financial commitments, guarantees, and ICC approval for sub-licensing, which are still pending.
(The above story first appeared on LatestLY on Jan 25, 2024 06:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).