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Sony awaits BCCI’s final offer for IPL rights renewal
MUMBAI: Sony Pictures Networks India (SPNI) is awaiting BCCI’s ‘final’ offer for renewing the broadcast rights deal for the Indian Premier League (IPL).
Sony, which holds the IPL broadcast rights for South Asia, has made an offer to the BCCI during the two-month negotiation window.
As per the agreement between two parties, Sony was to make an offer to the BCCI. In turn, India’s cricket board had to make a final offer. There was a two-month negotiation period to hammer out a new deal.
“The negotiations period has expired and now we are waiting for them (the BCCI) to make us a concrete offer. We have honoured our commitment. I would say we have fulfilled all our obligations,” Sony CEO NP Singh told Mumbai Mirror.
While Singh refused to comment about the offer made by the company, media reports have speculated that the BCCI is eyeing $4 billion from the new IPL deal. Market experts say this might be on the higher side.
The BCCI’s confidence stems from the fact that Star India will make an all-out bid to acquire the IPL rights should it reach the bidding stage.
There have been reports in the media which have stated that the BCCI has asked Sony to take part in the bidding process.
According to Mumbai Mirror, Sony does not consider this as the ‘final offer’.
“It’s difficult for me to comment. We have been reading media reports. We had a period of 60 days in which we had to negotiate. Some negotiations did take place. And we are waiting for them to make us an offer,” Singh told the daily.
According to its existing contract, Sony has the right of first refusal as well as the right to match the counter offer made by any rival.
After Sony’s agreement to buy out ZEE-owned Ten Sports for $385 million, India has become a two-player sports broadcasting market. The media rights for IPL will have two contenders in Sony and Star India.