Star seeks $940 million from Zee over failed cricket deal – Times of India

MUMBAI: Walt Disney‘s local unit Star India has sought $940 million in damages from Zee Entertainment Enterprises in the London arbitral court after the Punit Goenka-helmed company defaulted on payments for cricket broadcasting rights. Star has also sought costs, expenses and applicable interest until full payment.
Zee has refuted Star’s claims for damages, saying it will contest them.”The arbitration is at its initial stage and the London tribunal is yet to determine if the company is liable in any manner,” the Mumbai-listed broadcaster said in a regulatory statement.

In March this year, Star had moved the London Court of International Arbitration after Zee failed to comply with an Aug 26, 2022 agreement, under which it was to license the television broadcasting rights for ICC tournaments to the latter for four years, that is from 2024 to 2027.
Six months later in Sept, Star terminated the agreement with Zee and quantified the damages at $940 million as of Aug 31, along with other charges. “We will, on merits, strongly contest all unfounded claims by Star and reserve all our rights,” said Zee on Wednesday. Zee had claimed that it is Star that has breached the agreement and has sought $685 million from it. In Jan this year, Zee had missed its first payment to Star as it was reportedly not in a position to pay.