Star India successfully bagged the global media rights for the next five seasons of Indian Premier League -- including broadcast and digital -- for a massive Rs. 16,347.50 crores ($2.55 billion), in Mumbai, on Monday.
Sony, who was the previous broadcaster for the first ten seasons of IPL after a successful bid of Rs. 8200 crore in 2008, failed to retain the rights after they made a total bid of Rs. 11,134 crore, including Rs. 11.050 crore for the India broadcast rights.
Star India Pvt Ltd. and Sony Pictures Network were the only two companies whose bids were found eligible to bid for the broadcast rights after the technical scrutiny by the Board of Control for Cricket in India's legal team earlier on Monday.
Facebook, Airtel, Reliance Jio, Times Internet, Star TV were among the companies who had bid for the IPL digital rights.
A total 14 bids were received for the IPL media rights for 2018 to 2022, including broadcast and digital.
Star won the IPL Indian sub-continental television rights, which is the most coveted along with emerging Indian sub-continent digital rights.
They also have the rest of the world media rights which includes key international markets like the Middle East, Africa, Europe, USA, Australia and New Zealand.
Image: IPL Trophy
Photograph: BCCI
The IPL has become boring!
Time to launch women's IPL?
Is IPL no longer the world's top T-20 contest?
No stopping IPL as brand valuation rises to $5.3 billion
The old dog has plenty to offer: Shastri on Dhoni