International BusinessIPL sells theatrical rights for Rs 330 cr
Entertainment and Sports Direct (ESD) today bagged the theatrical rights of the Indian Premier League (IPL) matches for the next 10 years which cost them Rs 330 crore.
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ESD, promoted by investment advisory and private equity firm DAR Capital Group, made the highest bid for the IPL"s theatrical rights for matches to be played in seasons 2010 to 2019, the IPL announced today.
The deal would give ESD the exclusive exhibition rights for audiences in cinema halls, stadia, water-borne vessels, buses, trains, armed service establishments, hospitals, bars, hotels, restaurants, airports, railway stations, shopping malls, offices, construction sites, oil rigs, clubs, auditoriums, spas, salons and other similar public venues.
Two bids were received for the theatrical rights tender from Triplecom Media and ESD and the bid by ESD was the higher of the two offers, the IPL said in a media statement.
Expressing delight at the deal, IPL Commissioner Lalit Modi said the deal was subject to final approval of the Twenty20 league"s governing council and if approved, the agreement "will help us take the IPL action direct to the fans on the large screen".