Hit Wicket or Masterstroke? JioStar Wants Out of ICC Media Rights Ahead of T20 World Cup After ₹25,760 Cr Losses

Reliance‑owned JioStar has reportedly informed the International Cricket Council (ICC) that it intends to withdraw from its $3 billion India media rights contract for the 2024–27 cycle. It was informed to the ICC that they did not want to continue as the streaming partner after facing a financial loss of ₹25,760 Cr in 2024-25.

In 2022, JioStar stunned the industry by outbidding rivals to secure exclusive broadcast and streaming rights for ICC tournaments in India. The package covered marquee events, including the 2024 T20 World Cup, the 2025 Champions Trophy, and the upcoming 2026 T20 World Cup to be co‑hosted by India and Sri Lanka. The deal was valued at nearly $3 billion, making it one of the largest cricket rights contracts ever signed.

However, the economics quickly turned sour. Reliance’s annual filings show provisions for sports contract losses ballooning to over ₹25,000 crore in FY 2024–25, more than double the previous year. Advertising revenues failed to meet expectations, while subscriber growth plateaued, leaving JioStar struggling to recover its investment.

With JioStar signalling its exit, the ICC faces a race against time to secure a new partner before the 2026 T20 World Cup.

According to The Economic Times, the governing body has approached Sony Sports, Disney Star, and even global streaming giants like Amazon Prime and Netflix. A revised tender for the 2026–29 cycle has been floated at a reduced valuation of $2.4 billion, reflecting the cooling appetite for cricket rights at inflated prices.

The development underscores a broader reset in India’s sports media market. For years, cricket rights escalated in value as broadcasters competed for dominance, often paying beyond monetizable thresholds.

JioStar’s retreat signals a shift toward financial discipline, where profitability is prioritised over prestige. Analysts believe this could lead to more cautious bidding in future cycles, with hybrid models and shared rights becoming more common.

For JioStar, the decision is being viewed less as a collapse and more as a calculated move. By stepping away before losses deepened, the company preserves capital for ventures with stronger margins, such as regional entertainment, domestic sports leagues, and digital partnerships.

The exit demonstrates corporate agility, as it chooses to cut losses rather than cling to a costly contract.

The ICC must urgently finalize a replacement broadcaster to safeguard coverage and sponsorships in its most lucrative market. For JioStar, the exit may dent its credibility in future bidding wars but positions it for a more sustainable innings in India’s evolving media landscape.

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