New Delhi. Zee Entertainment Enterprises Limited said that Star India has demanded damages of $ 940 million in the London-based arbitration court for non-compliance of the sub-license agreement for the television broadcasting rights of ICC cricket matches. Zee Entertainment informed the stock market on Wednesday. It categorically denied all the claims made by Star India and said that it will strongly oppose these ‘baseless claims’. Star has also requested to declare that it has terminated the alliance agreement with Zee Entertainment while demanding damages before the London International Arbitration Court on September 16, 2024.
Apart from this, Star has also demanded that the damages be determined based on the date of the arbitration tribunal’s decision. Star has calculated the total amount of damages as $940 million as of the date of August 31, 2024. However, Zee Entertainment said in its statement that it categorically denies Star’s damages and all other claims. According to the Zee Group company, the London Arbitration Center is yet to decide whether it is in any way liable for the cancellation of the agreement.
In March this year, Star India had initiated arbitration proceedings against Zee Entertainment for non-compliance of the sub-license agreement for the TV broadcast rights of ICC matches. According to the agreement between the two companies in August 2022, the TV broadcast rights of ICC international matches were to be sub-licensed from 2024 to 2027. But Zee Entertainment missed the payment of the first installment of $203.5 million. Disney Star had acquired the broadcast rights of all ICC matches for the Indian market from the International Cricket Council (ICC) for four years.
