The Day 1 of e-auction for the Indian Premier League (IPL) media rights has concluded and there is an intense bidding war between some of the biggest media houses and conglomerates. The IPL media rights is up for grabs for the upcoming five-year cycle from 2023 to 2027. Disney Star, Sony, Zee, SuperSport and Viacom 18/Reliance are some of the major contenders in the fray to secure the broadcasting rights of the cash-rich tournament. The bidding war has exceeded the previous value of the rights and it has doubled up.
IPL Media Rights bidding war crosses $5.3 billion mark
The e-auction for the IPL media rights for the 2023-27 cycle started on Sunday, June 12 morning with Bundles A and B going under the hammer first. The media rights have been categorised into a total of four bundles by the Board of Control for Cricket in India (BCCI) this time around.
Bundle A consists of the TV rights for the Indian subcontinents while Bundle B consists of the digital rights for the Indian subcontinent. Bundle C is a special bouquet of 18 matches, including some weekend games and playoffs while Bundle D consists of the TV and digital rights of the rest of the world.
While the IPL media rights auction is not being televised, it has been reported that a combined bidding for Bundle A and B has already crossed the Rs 42,0000 crore (approx $5.3 billion) mark and the interested parties are still locked in an intense battle to secure the media rights for the next five-year cycle.
With the bidding reaching the $5.3 billon-mark, it has already more than doubled from its value in the last five-year cycle. Star had bought the IPL media rights for the 2018 to 2022 cycle for a sum of Rs 16,347 crore (approx $2.5 billion) back then.
The auction will then move to the next day and the winner will be announced only after the bidding war for all four packages has been concluded. The result of the auction is expected to come late on Monday or Tuesday.
What are your thoughts on Day 1 of the e-Auction? Let us know in the comments below.
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