Seeing off the stiff competition from Sony Pictures, STAR India has won Indian Premier League (IPL) global media rights for an eye-watering amount of Rs 16,347.5 crore. The deal will come into effect from 2018 and will run till 2022.

STAR India pipped Sony Pictures which has held the official broadcast rights for IPL since 2008. Sony acquired the 10-year contract for Rs 8,200 crore and it runs out next year.

After winning the media rights for India broadcast, India digital as well as rest of the world broadcast, digital; Uday Shankar, chairman of STAR India said, “I would like convey my delight at finally being able to bring IPL to the rightful home.”

Other companies who participated in the auction were Supersort, Yupp TV, Econet, Gulf DTH OSN, Perform media, Airtel, Reliance Jio, Times Internet, Facebook, Followon Interactive and BeIN Sports.

Out of the total 24 potential bidders, only 14 turned up for the auction while Yahoo, ESPN, Twitter, Discovery and Amazon desisted from the bidding process.

The media rights for the cash-rich IPL was divided into two categories – digital and broadcast and unlike last time, the contract period will run for 5 years.

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