Viacom18 and Sony to Compete for Asia Cup Media Rights

According to sources following the situation, Viacom18, owned by Reliance Industries (RIL), and Culver Max Entertainment, also known as Sony Pictures Networks India (SPNI), have become the leading candidates to compete for the 2024 Asian Cricket Council's (ACC) media rights.

The entertainment behemoth is concentrating on cost optimization and increasing profitability, according to business officials, despite the fact that Zee Entertainment's name has been floating around as one of the possible bidders. Before going to print on Thursday, Viacom18, Sony, Zee, and ACC refused to comment on the situation.

According to one of the sources, the media rights e-auction, which was scheduled to begin on October 30, has been postponed until November 20. However, with Maharashtra scheduled to go to the polls on November 20, it is unclear whether the bidding will take place on the same day, the source noted. The media rights bidding occurs at a period of consolidation in the media business.

Viacom18 and Star India want to merge, creating a media conglomerate worth around ₹70,000 crore. The merger between Sony and Zee failed due to disagreements.

According to sports industry analysts, the outcome of the media rights auction will reflect the current landscape of media corporations that are balancing the expansion of their sports portfolios with the management of significant existing assets. The Star-Viacom18 partnership presently controls the Indian Premier League, the International Cricket Council, the Board of Control for Cricket in India, Cricket South Africa, and Cricket Australia. If they obtain the ACC media rights, they will further strengthen their grip on cricket television rights.

The Competition Commission of India (CCI) investigated these two firms, who are in the final stages of combining, amid concerns about their ownership of cricket rights. However, the merger agreement has received conditional approval from the competition watchdog.

Securing the ACC rights would boost SPNI's sports portfolio, which already includes rights to the England and Wales Cricket Board, New Zealand Cricket, and Sri Lanka Cricket. A top sports media executive stated that the Asia Cup is a great media asset in the extremely competitive sports media market, particularly because it hosts rare India-Pakistan matchups. "Compared to Viacom18, which has invested billions of dollars in numerous cricket rights, SPNI will be eager to obtain the ACC media rights. However, the $170 million base price is a little high for a conservative corporation like Sony," the official said.