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The ICC signed a huge media rights deal with JioStar, the Reliance-backed broadcaster, covering all ICC events in India through 2027. That deal was worth around USD 3 billion. However, JioStar has now formally notified the ICC that it cannot fulfill the remaining two years of its media rights deal. The company says the financial losses on sports content have ballooned so badly that continuing is no longer viable.
What went wrong, and why the sudden exit
In its financial statements for 2024–25, JioStar disclosed massive provisions for anticipated losses on its sports contracts. The figure rose from ₹12,319 crore the previous year to ₹25,760 crore, more than double in a single year. Executives attribute this collapse to structural shifts in India’s sports-broadcast business. Advertising revenues have declined sharply, especially after the ban on real-money gaming apps, which had been a top advertiser for cricket.
Meanwhile, streaming and traditional TV both struggle to generate enough revenues: audiences and ad rates are no longer enough to offset the skyrocketing cost of the media rights deal. Many industry insiders had warned that a USD 3 billion price tag for the Indian market alone was disconnected from what broadcasters could realistically recoup when the media rights deal was originally signed.
Read more: PCB Revenue from Champions Trophy: Refutes Financial Loss Claims, Reports Record Earnings in 2025
ICC scrambles for alternate media rights partners but options are slim
With JioStar’s exit, the ICC has already kicked off a fresh process to sell the Indian media rights deal for 2026–2029, reportedly aiming for around USD 2.5 billion. The governing body has approached big platforms such as Sony Pictures Networks India (SPNI), which in the past have covered the PSL as well, Netflix, and Amazon Prime Video. But none have committed so far, largely due to concerns over the high valuation and uncertain returns.
The bigger gamble: What this means for global cricket
India accounts for a massive share of ICC’s broadcast revenue. Losing or destabilising the Indian rights deal threatens to decrease a major chunk of ICC’s financial base.
If this collapse isn’t faced correctly, ICC may face tough decisions: reducing the scale of its events, rethinking the structure of media rights deals, or exploring alternate revenue streams. Many fear that this could mark a turning point, forcing cricket’s global body to adapt to a very different financial reality.
What’s next in the media rights fiasco and what’s at stake
With just months to go until the 2026 ICC Men’s T20 World Cup, which India will co-host, the clock is ticking quickly. The ICC urgently needs to lock in a reliable broadcaster or streamer to guarantee that fans don’t miss the action of the ICC events. So far, major platforms seem wary of biting off such a big commitment. If no one steps up, there’s a real risk that coverage could be patchy, leaving fans, advertisers, and global cricket stakeholders in limbo.
For cricket lovers and stakeholders alike, the coming weeks could determine whether this is just a broadcast hiccup or the start of a much deeper shake-up in how cricket is sold, shown, and monetised worldwide.
