IPL 2022 trophy.
Mumbai: E-commerce giant Amazon pulled out of bidding for Indian Premier League media rights for 2023-2027, NDTV reported citing sources. That leaves Reliance, Disney and Sony Group to stay in the race, among others, to win the broadcast rights of the cricket league.
During the period 2017-2022, Star India won the IPL broadcast rights, overtaking Sony Pictures with a bid of Rs 16,347.50 crore. With that September 2017 deal, the cost of one IPL match reached around Rs 55 crore.
Sony Pictures had brought the broadcast rights in 2008 for ten years for a bid of 8,200 crores, while the global digital rights for three years were granted to Novi Digital in 2015 for 302.2 crores.
In 2022, two new teams were added to the tournament, namely Gujarat Titans and Lucknow Super Giants. The former had clinched the year's trophy with flying colours.
The Indian conglomerate RPSG Group had won the bid for Lucknow, and the bid was 7,090 crore, according to a BCCI press release. Meanwhile, Gujarat Titans, based in Ahmedabad, is owned by CVC Capital Partners, a private equity and investment advisory firm, buying the team for Rs 5,625 crore. This proves the growth of IPL's brand value, NDTV reports.