Star India has won the global television and digital broadcast rights for the IPL.
The network has won the consolidated rights for Rs 16,347.5 crore for a 5-year period.
Speaking to journalists at the press conference, Uday Shankar, CEO and chairman, Star TV, said, "From our bidding numbers, we made a conscious call of bidding for the global rights. We have a significant presence globally and we're also launching our digital property across the world."
He added, "The power of cricket is immense. Regardless of whatever has happened (emergence of other sports), when cricket happens on the ground in India, it's still a terrific experience in the country. We looked at only that factor."
Sony Pictures Networks had the second highest bid (highest for Indian Sub Continent TV) at Rs 11,050 crore. In 2008, Sony had bid Rs 8,200 crore successfully for a 10-year deal.
Earlier this year, Vivo had secured title sponsorship of the IPL for Rs 2,199 crore
for a period of five years. To put things in perspective, while the amount bid for title sponsorship for the IPL ranked among the highest deals globally, the price paid by Star for television and digital broadcast rights is far lesser if you compare other sports deals. For example, Sky Sports and BT Sports paid a combined (approximately) Rs 42,566 crore for three years of television rights for the Premier League in 2016.
However, market observers feel that India is an underpriced market and the deal will help in boosting the pricing power of media, particularly, the television medium.