Just two months before the upcoming T20 World Cup 2026, JioStar publicly told the International Cricket Council (ICC) that it could not satisfy the remaining two years of its four-year India media rights deal, causing an unanticipated broadcasting issue.
The broadcaster’s main justification for seeking an early termination of the $3 billion deal was growing financial losses.
The circumstances have forced the ICC’s decision-makers to act quickly and launch a new bidding process for the 2026–2029 cycle, asking prospective purchasers for almost $2.4 billion.
It’s interesting to note that JioStar increased its provisions for anticipated losses on sports contracts from ₹12,319 crore to ₹25,760 crore in 2024–2025, more than double from the prior year. The ban on real-money gaming in India earlier this year, which excluded the biggest advertiser, made the company’s financial situation worse.
Prior to its merger with Viacom18, JioStar inherited the ICC rights from Disney’s Star India. The $3 billion valuation was seen by many top executives as being out of step with market benchmarks.
For the combined TV and digital rights, Sony had placed a bid of about $1.4 billion, while Viacom18 had placed a bid of about $1 billion. Pressure increased due to rising exchange rates; as the dollar surpassed ₹90, JioStar’s effective burden increased to almost $3.3 billion.
Since ICC intends to organise the next T20 World Cup, which is scheduled to take place from February 7 to March 8, the timing of this fallout is not ideal. India and Sri Lanka will host matches in the major tournament.
About 80% of ICC revenue comes from India, underscoring cricket’s reliance on a single market. However, a broadcasting duopoly has been created with the merging of Star India and Viacom18 into JioStar, leaving only JioStar and Sony as major competitors and reducing possibilities for rights holders.
JioStar is still contractually required to fulfil the agreement through 2027 even if the ICC is unable to reach an arrangement with a new broadcaster.
Notwithstanding JioStar’s losses, the ICC reported a $474 million profit in 2024, highlighting cricket’s robust economics. The International Olympic Committee and FIFA are also finding it difficult to command expected valuations in India, which highlights a larger correction in sports media.
The T20 World Cup is eagerly anticipated by fans. India is the defending champion going into the competition. Rohit Sharma, meanwhile, was just announced as the event’s official brand ambassador. In the 20-team competition, Suryakumar Yadav will captain the Men in Blue. Other teams that could make it far include South Africa, England, and Australia.
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