The Indian Premier League will find a new home in Star India starting next year. In an all-conquering bid that will cost media baron Rupert Murdoch Rs.16,347.50 crore ($2.55 billion) over the next five years, the Indian entertainment arm swept the global media rights of the IPL, trumping a dozen other tech and media giants. Among those it beat out were Facebook, Reliance Jio, Bharti Airtel and Sony.
Star India, which was the only one to submit a global bid, will have to pay Rs.54.5 crore per match, making IPL the costliest cricket property in the world. Star India, which also owns the rights to all BCCI matches played in India, pays around Rs.43 crore per match under that contract. BCCI owns and runs IPL.
Star will have to pay a minimum 16% of the overall IPL bid amount per year under the rules of the tender.
In simple terms, the value of TV rights has gone up three times and digital by over eight times. That will translate into higher advertising rates.