Disney Star Demands $940 Million from Zee Over ICC Broadcasting Rights Payment

Zee's failure to pay its debt

Disney Star Demands $940 Million: The Indian arm of Walt Disney Co., has demanded $940 mn in damages from Zee Entertainment Enterprises Ltd. , extending a legal fight over the Mumbai-based broadcaster’s rights that expired without paying for televised cricket it HP served.

The controversy is over Zee failure in paying its debt within its stipulated what is approximated to be $1.4 billion licensing deal that Star have landed where they have got all the TV rights for the ICC men’s matches.

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Disney Star, formerly known as Star India sought an end to the partnership agreement and compensation in a written claim delivered to the London Court of International Arbitration, Zee Entertainment said.

Star is also demanding costs, expenses, and the requisite interest until the monies are paid in full, Zee said, in response to all the said claims, particularly the claim for damages.

The matter in contention is Zee’s inability to pay for merchandise in accordance with agreed credit payment terms of $1. of $4 billion which Star got for the purchase of exclusive TV rights of the International Cricket Council’s men’s cricket matches in India.

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The arbitration is currently in its early stages, and the tribunal has not established whether the company is in any way at fault, Zee pointed out.

The latest claim for damages comes at a time which Zee recently revealed that it has exited a bitter legal battle for a merger deal with Sony Pictures Networks India. The intended acquisition was proceeded to be abandoned following accusations from the Japanese firm that the Indian company had not met the conditions set under the merger agreement.

In the similar way, in late February, Walt Disney entered into a legally enforceable deal to merge its Indian subsidiary with Viacom 18 Media Pvt which is a part of Reliance Industries Ltd of billionaire Mukesh Ambani to form $ 8. 5 billion entertainment, a giant share in a cricket broadcasting right.

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