Why JioStar Is Leaving ICC Rights: Heavy Losses, Costly Contracts & No OTT Rescuers

ICC’s media rights business in India has hit a major roadblock as JioStar has indicated withdrawal from its remaining two-year contract due to massive financial losses. With Sony, Netflix, and Amazon showing little interest in taking over, the India-centric cricket broadcast model appears to be under serious pressure.

Major Crisis Over ICC Media Rights as JioStar Indicates Exit; Sony, Netflix & Amazon Not Ready to Step In

India’s media rights market for the International Cricket Council (ICC) has suddenly entered a major crisis as JioStar has indicated withdrawing from the remaining two years of its four-year deal, citing severe financial losses. This has created a serious challenge for the ICC, which now needs to find a new broadcaster before the 2026–29 media rights cycle begins. Although ICC has held discussions with major platforms like Sony, Netflix, and Amazon, none have shown strong interest due to the high asking price. As a result, the India-centric cricket broadcasting model is now under immense pressure. Let’s understand the situation in detail.

ICC Now Searching for a New Partner

According to ET, after indications of JioStar pulling out, the ICC has started a fresh auction for India’s 2026–29 media rights. ICC is expecting around $2.4 billion. However, neither Sony Pictures Networks India (SPNI), Netflix, nor Amazon Prime Video have shown genuine interest so far due to the excessive cost.

In response to email queries, ICC, SPNI, Netflix, and Amazon did not comment, while JioStar declined to make any statement.

Why Is JioStar Suffering Massive Losses?

JioStar increased its provisioning amount for anticipated losses from expensive sports contracts in FY 2024–25 from ₹12,319 crore to ₹25,760 crore. Star India, which later became part of JioStar through its merger with Viacom18, was already suffering losses of ₹12,548 crore due to the ICC media rights.

On the other hand, ICC reported a surplus of $474 million in 2024—showing that cricket remains highly profitable for the governing body, but not for the broadcasters.

India: ICC’s Biggest Market

Around 80% of ICC’s revenue comes from India. Yet, India’s sports media ecosystem is under heavy financial stress. SPNI is cautious about high bids; while it holds multiple cricket board rights, it is not willing to commit huge sums in India.

Adding to the pressure, almost ₹7,000 crore worth of advertising revenue has vanished from the market after real-money gaming companies like Dream11 and My11Circle faced regulations and restrictions. Traditional brands have returned, but cannot fill this massive gap.

Why Are Netflix and Amazon Staying Away?

Netflix continues to stay away from cricket in India, focusing instead on premium entertainment content and properties like WWE. Amazon Prime Video has limited cricket presence, and its New Zealand cricket deal ends next year. Although both OTT giants are investing more in sports globally, they remain selective and avoid bidding for extremely expensive packages.

What If ICC Fails to Find a New Buyer?

Legally, JioStar must honour its contract until 2027. However, ICC’s decision to begin the search for new buyers shows that the sports media industry is now confronting financial realities. Both TV broadcasters and streaming platforms are no longer ready to spend unsustainably large amounts.

Star–Viacom’s Heavy Bid Now a Burden

Star India and Viacom18 collectively committed over $10 billion for cricket rights in India. ICC’s $3 billion package was considered overpriced from day one. For comparison:

• SPNI’s bid: $1.4 billion

• Viacom18’s bid: $1 billion

• Previous 8-year cycle: $2 billion

The Rupee–Dollar Hit

Since ICC requires payment in US dollars, and the dollar has crossed ₹90, JioStar’s financial burden has increased to $3.3 billion. Although global spending on sports rights is projected to exceed $78 billion by 2030, and Asia is a growing market, Indian media companies—both TV and OTT—are now reluctant to take major risks.

Conclusion

While cricket remains India’s largest viewership magnet, the cost of broadcasting has become so high that even the biggest media giants are stepping back. The ICC now faces a critical challenge in securing a financially viable partner for its upcoming rights cycle.