IPL media rights bidding war crosses $5.3 billion mark, more than double of previous value - Reports

There is an intense bidding war between some of the biggest media houses and conglomerates in the ongoing e-auction for the Indian Premier League (IPL) media rights. The IPL media rights for the upcoming five-year cycle from 2023 to 2027 are up for grabs at the ongoing e-auction. Disney Star, Sony, Zee, SuperSport and Viacom 18/Reliance are some of the major contenders in the fray to clinch the broadcasting rights of the biggest T20 league in the world for the next five years.

The e-auction for the IPl media rights for the 2023-27 cycle got underway at around 11 AM IST on June 12 (Sunday) with packages A and B going under the hammer first. The media rights have been categorised into a total of four packages by the Board of Control for Cricket in India (BCCI) this time around.

Package A consists of the TV rights for the Indian subcontinents while package B consists of the digital rights for the Indian subcontinent. Package C is a special bouquet of 18 matches, including some weekend games and playoffs while package D consists of the TV and digital rights of the rest of the world.

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While the IPL media rights auction is not being televised, as per the latest reports the combined bidding for packages A and B has already crossed the Rs 42,0000 crore (approx $5.3 billion) mark and the interested parties are still locked in an intense battle to secure the media rights for the next five-year cycle.

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With the bidding reaching the $5.3 billon-mark, it has already more than doubled from its value in the last five-year cycle. Star had bought the IPL media rights for the 2018 to 2022 cycle for a sum of Rs16,347 crore (approx $2.5 billion) back then.

When will the winner of IPL media rights 2023-27 cycle be declared?

The bidding war on Day 1 of the auction ie Sunday (June 12) will go on till 6 PM IST. The auction will then move to the next day and the winner will be announced only after the bidding war for all four packages has been concluded. The result of the auction is expected to come late on Monday or Tuesday.

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The base price of the IPL media rights combined was set at around Rs 32,890 crore (Approx 4.2 billion USD), however, it has already crossed the Rs 42,000 crore ($5.3 billion)-mark with packages C and D yet to go under the hammer. By the end of the e-auction for the IPL media rights, BCCI can expect the value of the tournament to go up significantly and rank among the most lucrative sporting leagues in the world.