ICC Media Rights Under Review as JioStar Indicates Exit Ahead of T20 World Cup 2026

India

ICC Media Rights Under Review as JioStar Indicates Exit Ahead of T20 World Cup 2026: The International Cricket Council (ICC) is facing a potential shift in its Indian broadcast landscape after JioStar, a unit formed following the merger of Star India and Viacom18 under Reliance Industries, indicated its intention to exit the ongoing India media rights agreement. The development has emerged ahead of the ICC Men’s T20 World Cup 2026.

JioStar Formally Updates ICC on Contract Status

JioStar has informed the ICC about its inability to continue with the $3 billion India media rights deal, which is currently scheduled to run until 2027. According to its 2024–25 financial statements, JioStar recorded provisions worth ₹25,760 crore for losses related to sports contracts, more than double the ₹12,319 crore recorded the previous year. A notable portion of these provisions is tied to the ICC agreement.

In response, the ICC has initiated a process to resell the 2026–29 broadcast rights with a valuation target of approximately $2.4 billion. Early interest from potential bidders, including Sony Pictures Networks India, Amazon Prime Video, and Netflix, has been described as measured due to cost considerations.

Advertising and Currency Factors Influence Outlook

India contributes an estimated 80% of the ICC’s revenue, making broadcaster participation in the region central to the rights structure. A significant factor affecting returns has been the decline in advertising revenue from real-money gaming platforms, estimated at around ₹7,000 crore. Although established brands have increased their presence, the scale has not fully offset past levels.

Additionally, the financial impact of the rising dollar—exceeding ₹90—has increased JioStar’s liability to an estimated $3.3 billion, as payments are dollar-linked. Further, Zee Entertainment’s withdrawal from its ₹1,500 crore television commitment led to arbitration proceedings in London, with JioStar seeking nearly $1 billion in damages.

Interest from Streaming Platforms Remains Cautious

While the ICC reported a $474 million surplus in 2024, its reliance on Indian market rights remains significant. Streaming platforms such as Amazon Prime Video and Netflix have shown limited enthusiasm due to pricing and content strategy priorities. Meanwhile, Sony Pictures Networks India has taken a cautious stance, holding rights valued at approximately $470 million across existing contracts.

The ongoing media rights review highlights the evolving dynamics of India’s sports broadcasting market. JioStar’s planned withdrawal reflects adjustments linked to advertising trends, currency valuation, and contractual expectations. With the ICC exploring alternative broadcast partnerships for 2026–29, clarity on new stakeholders is expected to emerge in the coming period.