Aggressive bidding by telecom company Reliance Jio, and media players Star India and Sony Pictures has ensured that Indian cricket board BCCI will rake in at least ₹6,000 crore from the sale of its 5-year media rights.
Star India's previous bid in 2012 - for a similar five-year period until March 31 2018 - was INR 3851 Crores for a total of 96 matches across formats, and included internet as well as mobile rights. Sony, on the other hand will be more desperate for the India Rights as Indian team's media rights are important for any broadcaster's survival.
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Following the first day's top bid of Rs4,442 crore on Tuesday, the companies started off with a Rs75 crore incremental sum, taking the first GCR bid on Wednesday to Rs4,517.25 crore. According to Insidesport.co, the latest bid (in the round that concluded at 3:40 pm) was at Rs 5748 crore, translating into an astronomical Rs 56.3 crore per match. "But yes, it should end at something around Rs 55-60 crore per match", the official said.
Once the bidding began at 2pm IST on Tuesday, the BCCI tweeted an update with an initial top bid of INR 4176 crore for the GCR category; subsequent higher bids were INR 4201.20 cr, INR 4244 cr, INR 4303 cr, INR 4328.25 cr and INR 4442 cr. The auction resumed at 11 am today and saw eight rounds of biddings. On the first day, the e-auction stopped at Rs 4442 crore. And while both Star and Sony have spoken about the need to invest judicially, it is no secret that it is the Indian rights that drive the broadcast business. It is understood that firms such as Facebook, Google and YuppTV which had bought tender documents but did not submit their bids may have created consortiums with the primary bidders.
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BCCI's current incumbent deal for the media rights for Indian cricket stands at US$ 592 million approximately.
The ITT has three packages including global TV rights plus rest of the world digital rights package, Indian sub-continent digital rights package and global consolidated rights package.
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