ZEE Entertainment Enterprises Limited (ZEEL) has acquired rights for the UAE T20 League for a period of 10 years.
Exchange4Media reports that the broadcaster will be paying $15 million per year for the league, equating to $150 million over the whole ten-year period.
This is the first time that ZEE has re-entered the sporting sector after selling its sports business to Sony for $385 million back in 2016. The news comes amid merger talks between ZEE and Sony, which is waiting clearance.
ZEEL MD and CEO, Punit Goenka has not shied away from disclosing the large investment in sport, which was in the offing as a part of its merger with Sony. At the APOS India event recently, he said, “ZEE and Sony will form the largest media and entertainment player in the country. Our revenue on a standalone basis will be close to $2 billion and the growth capital that Sony is going to infuse in the merged entity will give us the opportunity to invest in premium content including sports. There is a going to be a huge opportunity on both digital and linear side to create big scale entertainment properties and acquire large IPs across genres.”
He added, “While we will reconsider sports on a standalone basis but right now my focus is look on joint consolidated basis with Sony. A lot has changed since we exited the sports business and funnily so, we sold it to Sony, and it’s coming full circle back home.”
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