Sep 18, 2024 08:03 PM IST
The dispute is about Zee not meeting payment deadlines of a $1.4 billion licensing deal with Star, which gives exclusive TV rights for ICC men’s matches
The Indian unit of Walt Disney Co. has sought $940 million in damages from Zee Entertainment Enterprises Ltd., stretching out a legal battle with the Mumbai-based broadcaster after it defaulted on payment for TV rights of cricket matches.
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Disney Star, previously called Star India, filed the claim for damages and termination of the alliance pact before the London Court of International Arbitration, Zee Entertainment said in a stock exchange filing Wednesday. Star is also seeking costs, expenses and applicable interest until full payment, Zee said, while refuting all claims, including the demand for damages.
The dispute pertains to Zee’s failure to meet payment deadlines agreed as part of a $1.4 billion licensing deal with Star, which gave the Indian broadcaster exclusive TV rights for men’s matches of the International Cricket Council.
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The arbitration is at its initial stage and the tribunal is yet to determine if the company is liable in any manner, Zee said.
The latest claim for damages comes at a time when Zee announced settling its legal dispute with Sony Pictures Networks India after a failed merger. The planned deal was called off after the Japanese company accused the Indian firm of failing to meet merger agreement conditions.
Separately, Walt Disney signed a binding agreement in late February to combine its India unit with Viacom 18 Media Pvt. — a part of billionaire Mukesh Ambani’s media empire — to create an $8.5 billion entertainment firm with a giant share in cricket broadcasting rights.
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