Star India claims $940 million on Zee Entertainment, case related to cricket broadcast
New Delhi| Star India, the Indian arm of Walt Disney, has sought $940 million in damages from Zee Entertainment Enterprises in a London arbitration court. According to Star India, Puneet Goenka’s company has defaulted in payment for cricket broadcast rights. STAR has also sought costs, expenses and interest applicable thereto until full payment is made in this case.
On the other hand, Zee has denied Star India’s claims of damages and said that it will oppose this claim. “The arbitration is in its early stages and the London tribunal is yet to determine whether the company is liable in any way”, the Mumbai-listed broadcaster said in a regulatory filing.
In March this year, Starr had moved the London Court of International Arbitration after G failed to comply with an agreement dated 26 August 2022. Under this agreement, it (Star India) had to give television broadcasting license to G for ICC. The hosting of tournaments has been handed over to him for four years, namely from 2024 to 2027. Six months later in September, Star ended the agreement with Zee and set a $940 million damages demand by August 31, along with other charges. “We will, on the merits, resolutely oppose all of Starr’s unfounded claims and reserve all of our rights”, Zee said on Wednesday. According to Zee, it was Star who violated the agreement and should repay $685 million. In January this year, Zee did not make his first payment to Star as he was reportedly not in a position to pay.
