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A $10 billion merger between Zee Entertainment and Sony’s TV operations in India has been given regulatory approval, helping pave the way for a sports, media, and entertainment giant that will focus particularly on upending broadcasting of cricket — by far the country’s most popular sport.
India’s National Company Law Tribunal has cleared the deal, representing a major step forward following nearly two years of various regulatory and legal hurdles, and objections from some investors.
The pact will involve a massive asset pool including 75 linear TV channels, a pair of streaming services, a digital content studio, and a deep film and TV series library.
The Zee-Sony merger is also a further threat to Disney’s Star India television and streaming business, as the new entity intends to be a formidable bidder for media rights to the BCCI, one of India’s major cricket properties, coming to auction at the end of the month.
Already, the devastating loss of Indian Premier League cricket streaming rights last year has led Disney to look for “strategic options” for that business.
Global Growth
Though focused on domestic operations in India, the Zee-Sony deal also arrives amid rapid growth for cricket in the U.S. and elsewhere around the world.
The 2023 IPL Final in May set a global streaming audience record for a live-streamed event, while investor interest in the IPL similarly grows, and cricket is looking for inclusion in the 2028 Olympics.
America’s Major League Cricket began play last month utilizing a six-team, single-entity model backed by a group of investors including Microsoft executive chairman and CEO Satya Nadella.
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