Reliance Industries is all set to enter into the sports broadcasting industry through Viacom 18 and Jio as they look to bid for the media rights of the Indian Premier League. BCCI will be releasing the tender of media rights for IPL 2022 later this year.
The entry of Reliance in the sports broadcasting market will be huge for both parties. As Reliance is a huge brand in the country, if the deals are finalized, both parties’ outreach will skyrocket.
The current media rights of the IPL are with Star India who signed a deal in 2018 lasting up to 2022 worth over Rs 16,347 crores.
The phase-2 of IPL 2021 starts from 19th September in the UAE, the first match will see Chennai Super Kings take on Mumbai Indians. As per the current standings, Delhi Capitals lead the points table with 12 points in 8 games as they are followed closely by Chennai Super Kings, Royal Challengers Bangalore, Mumbai Indians and Rajasthan Royals who have 10, 10, 8 and 6 points respectively in eight games.
The next media rights cycle will start later this year as many companies like Amazon, Disney Star, Sony Pictures Sports Network and many other companies will be looking to grabbing the media rights of IPL beyond 2022.
Several more companies participated in the media rights auction for the cycle of 2018-2021 but all of them fell short of Star India’s bid of Rs 16,347 crores. Reliance Jio made a bid of 3075 crores just for the digital rights but that figure wasn’t enough to outdo Star Network.