Chronicle EditorNEW DELHI. — Broadcast giant Star India has won global media rights for the highly lucrative Indian Premier League, the most popular sports event in the cricket-mad country of 1.25 billion, with a record $2.55 billion bid.
Rupert Murdoch’s Star beat rival bidders including Sony, Facebook and Airtel to win both television and digital rights to the cricket tournament for five years from 2018.
The 20-over IPL format started in 2008 and has become a star-studded franchise which last year generated a staggering $380 million in revenue in a single eight-week season.
Sponsors and advertisers often plan product launches around major tournaments and pay top dollar to book advertising slots ahead of the matches. — AFP.
Online Reporter