Zee Telefilms Ltd, which has bagged telecast rights for cricket matches in India for the next four years, will invest Rs 100-150 crore for launching its sports channel on October two.
"We will invest Rs 100-150 crore for the sports channel to be launched on October 2 and the cricket matches will be shown on it," a Zee official said in Mumbai on Sunday.
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Zee Group Chairman Subhash Chandra said the group did not get the schedule of matches to be played until yesterday and therefore could not share the schedule of payments with the Board of Control for Cricket in India.
"Considering all aspects, we have accepted the new offer ensuring that rights for the coveted series lie with India's largest media and entertainment conglomerate," he said.
Zee has been awarded the telecast rights for the cricket matches to be held in the country for next four years by the BCCI for a consideration of US Dollar 308 million, but subject to a signing amount of USD 20 million to be deposited within the next 48 hours.