The bid was acquired through an e-auction conducted on August 31, 2023, wherein all eligible bidders were permitted to participate to determine the successful bidder for the media rights.
"Viacom 18 Media Private Limited has acquired the Media Rights from September 2023 to March 2028 for a cumulative figure of Rs 5,963 crore, subject to execution of definitive documentation and completion of formalities as required by BCCI and other obligations specified in the ITT being completed," BCCI said in a release.
Ernst & Young was the strategic advisor for the BCCI Media Rights. Argus Partners was the legal advisor to assist in drafting the tender documents. Mjunction Services Limited provided the platform for the smooth conduct of the e-auction, the release said.
Congratulations @viacom18 🤝 for winning the @BCCI Media Rights for both linear and digital for the next 5 years. India Cricket will continue to grow in both spaces as after @IPL, and @wplt20, we extend the partnership @BCCI Media Rights as well. Together we will continue to…— Jay Shah (@JayShah) August 31, 2023
Comparing Disney Star and Sony's bid, Viacom18 bid the highest in both digital and television categories. According to media reports, Viacom18 bid Rs 3101 crore in the digital category and for television rights Rs 2862 crore. Disney Star and Sony's bids remain unconfirmed, the report said.
Concluding Viacom18's bid, The deal translates to an average per-match value of Rs 67.75 crore, which is 12.92% higher than the Rs 60 crore Star India had paid the BCCI in the previous cycle.
The development comes a week after IDFC First acquired the title sponsorship rights for all BCCI international and domestic home matches.