Thursday, February, 29,2024

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Viacom 18 bags BCCI TV, digital media rights for Rs 5963 crore

Mumbai: The BCCI had issued an Invitation to Tender (“ITT”) for Media Rights to the BCCI International Matches and Domestic Matches for September 2023 – March 2028. As part of the process, an e-auction was conducted on Thursday, wherein all eligible bidders were permitted to participate to determine the successful bidder for the Media Rights.

Viacom 18 Media Private Limited has acquired the Media Rights from September 2023 to March 2028 for a cumulative figure of Rs 5,963 crore, subject to execution of definitive documentation and completion of formalities as required by BCCI, and other obligations specified in the ITT being completed.
Ernst & Young were the strategic advisor for the BCCI Media Rights. Argus Partners were the legal advisor to assist in drafting the tender documents. Mjunction Services Limited provided the platform for the smooth conduct of the e-auction.

BCCI President, Roger Binny said: “The recent BCCI e-auction has unequivocally demonstrated the vigour of cricket in India. The remarkable journey of Indian cricket, its meteoric rise on the global sporting arena, owes its success to the unwavering trust that people have vested in the BCCI leadership and its dedicated workforce. With the staunch support and collaboration of every stakeholder within our cricketing ecosystem, I am confident that we will continue to propel the brand BCCI to uncharted territories on the global sports stage."

BCCI Honorary Secretary, Jay Shah said: "It fills me with immense joy and a profound sense of pride to witness the remarkable growth of brand BCCI. Today's e-auction has propelled BCCI into the upper echelons of per-match media rights valuation, marking a monumental stride in our journey. Throughout this process, we have steadfastly upheld the principles of transparency and fairness, ensuring that all stakeholders are treated equitably. I extend my heartfelt congratulations to Viacom18 for emerging successfully in the e-auction, and I express my sincere gratitude to all the bidders who participated in this process. Their involvement underscores the industry's confidence in India Cricket. I also want to acknowledge the role of market forces in reinforcing their belief and trust in us.

Our underlying goal remains to strike a harmonious equilibrium between cricket and commercial interests. BCCI remains deeply committed to nurturing sports development in India through the medium of cricket. The revenue generated from media rights is an essential catalyst for nurturing grassroots cricket across the nation—a cause that resonates deeply with us. It's the legacy we leave behind and the positive impact we create in our country's cricketing ecosystem that truly matters."
BCCI Vice President, Rajeev Shukla said: "It brings me great joy to welcome Viacom18 in the BCCI family, and I would like to express my sincere gratitude to all the bidders who exhibited their keen interest in becoming a part of India Cricket's ongoing growth journey. Year after year, the narrative of Indian Cricket has been one of advancement and expansion, and I'm elated to witness the continuing commitment from all stakeholders. The unwavering faith demonstrated by India Inc. in Brand BCCI reaffirms the inherent value of investing in a property that has consistently exhibited growth across all dimensions. This resolute belief is a testament to the enduring appeal and potential of Indian Cricket, and it reinforces our collective determination to propel this sport to greater heights."

BCCI Honorary Treasurer, Ashish Shelar said, "I want to take this moment to convey my profound gratitude to each and every bidder who participated in this significant process. Your engagement and interest reflect the vibrant ecosystem that surrounds India's beloved sport of cricket. Furthermore, my heartfelt congratulations go out to Viacom18 for successfully securing a renewed partnership with the BCCI. The partnership between Viacom18 and BCCI is more than just a business endeavour; it signifies a shared commitment to enhancing the landscape of cricket and contributing to its enduring legacy. This alliance holds within its core the potential to shape narratives, inspire audiences, and redefine the benchmarks of success.”

BCCI Honorary Jt. Secretary, Devajit Saikia said: “It is with immense pleasure that I extend a warm welcome to Viacom18. I would also like to express my heartfelt appreciation to all the bidders who participated in this process, showcasing their enthusiasm to contribute to India Cricket's ongoing journey of growth. The story of Indian Cricket has been one of continuous progress and evolution, and I am delighted to witness the unwavering commitment from our stakeholders. This resolute confidence stands as a testament to the enduring allure and potential of Indian Cricket, reaffirming our shared determination to elevate the sport to even greater heights."

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