New Delhi
CNN Business
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Indian millionaire Mukesh Ambani Now he has added a big cricket deal to his empire.
An Ambani-backed venture has won the digital rights to broadcast the Indian Premier League (IPL), one of the world’s most valuable sports assets.
Viacom18 – a joint venture between Paramount and Ambani’s Reliance Industries – has acquired streaming rights worth around Rs 238 billion ($3.05 billion), said Jay Shah, secretary of the Board of Control for Cricket in India. said on twitter Tuesday
Meanwhile, Disney-owned Star India retained the TV rights with a bid of around Rs 236 billion ($3.02 billion). Both deals run until 2027.
This puts the total value of the media rights of the IPL at a record $6.2 billion. just five years ago, star india paid $2.6 billion for TV and digital rights for five years.
“Since its inception, IPL has been synonymous with growth and today is a red letter day for India cricket,” Shah said on Twitter.
“IPL is now the second most valuable sports league in the world in terms of value per match,” he said.
The IPL competition runs for just two months a year but its value to media companies has increased as the global audience explodes. On cost-per-match terms, IPL now overtakes English The Premier League, and is second only to the National Football League in the United States, bloomberg Told.
IPL was started in 2007 and attracts the best cricketers in the world big money contracts, Its massive popularity in India is seen as a foolproof way of expanding into the country’s thriving online media space.
Ambani, the richest man in Asia net worth About $100 billion, has inherited an oil business but has been making big investments in technology, clean energy and retail, among other sectors, over the years.
Reliance declined to comment.