The dispute stems from an alliance agreement under which JioStar had agreed to sublicense television broadcasting rights for International Cricket Council (ICC) Men’s and Under-19 global events to Zee. The agreement unravelled after the collapse of Zee’s proposed merger with Sony Group Corp’s India media business.
On August 26, 2022, Zee entered into an agreement with JioStar, then Disney Star India, which set out the basis on which JioStar would be willing to grant sublicense rights relating to television broadcasting rights of ICC Men’s and Under-19 global events for 2024-27 on an exclusive basis.
The performance of the agreement was subject to conditions precedent, including submission of financial commitments, provision of bank and corporate guarantees or confirmations and written ICC approval for sublicensing the television broadcasting rights.
Zee said in its latest filing that during the quarter and year ended March 31 and in line with the tribunal’s procedural order, it had filed further pleadings in its defence. JioStar responded subsequent to the year-end, increasing its damages claim to $1.097 billion.
Zee said it was in the process of filing its rejoinder to JioStar’s response and defending the claim.