2 Aug 2024
On March 14, Star filed arbitration proceedings against Zee Entertainment in the London Court of International Arbitration (LCIA).
The termination of the Sony deal opened the floodgates for Zee Entertainment. As an independent channel, Zee wouldn’t have been able to service the International Cricket Council (ICC) TV rights deal with Star India. Consequently, it did not go ahead with the four-year alliance it had signed with Star on August 26, 2022, for the period of 2024-27.
Zee maintains that the alliance was subject to some conditions, including financial commitments, bank and corporate guarantees, and approval from ICC for the sub-licensing deal. It is seeking a refund of ₹69 crore it has already paid Star on the grounds that the latter failed to secure necessary approvals from ICC, thus renouncing the contract.
Over the past few months, Star has sent several letters to Zee alleging a breach of contract due to non-payment of dues. The first instalment was supposed to be $203.56 million.