The Indian Premier League’s (IPL) original production partner Multi Screen Media (MSM) Pvt Ltd-run Sony Entertainment Television (SET) has retained the telecast rights for the second edition of the lucrative Twenty20 extravaganza.
It is learnt that talks between MSM and the BCCI have resulted in a “full and final” settlement on a new deal that will run for the remainder of the nine-year term the contract has to run with principal rights holder World Sport Group. The parties entered a new agreement after the legal dispute was taken out of court but did not materialise.
The original deal Sony-WSG committed to pay $918 million for the 10 year telecast rights plus an additional $108 million towards marketing and promotion expenses. In that deal, MSM had telecast rights for five years. This has been extended for a further five years.
Sony Max was retained but with a few amendments in the original deal. This was confirmed by highly placed sources after the IPL governing council meeting at the BCCI office in Mumbai on Sunday.
Under the new agreement, MSM will pay the IPL 18 per cent more than the amount in the original agreement and have managed to extend their five-year deal to 10.
Problems first began to appear between BCCI and MSM when Reliance ADAG-owned Big TV, walked out of their Rs 137 crore sponsorship deal and MSM instead signed Airtel Digital as their on-air sponsor for DTH.
Source – cricketnirvana.com