[ad_1]
Walt Disney-owned Star India has started arbitration proceedings against Zee Entertainment Enterprises for alleged non-compliance with the terms of a cricket broadcasting agreement, Zee said on Friday.
Under the August 2022 agreement, Star India was to license television broadcasting rights for the International Cricket Council’s (ICC) events to Zee for four years, starting this year.
Zee, however, quit the $1.4 billion deal saying it is not in a position to pay, Reuters reported in January.
Star India has sought “specific performance” of the agreement or the payment of damages, Zee said in a statement, without providing details.
Zee said Star India’s application does not specify a claim amount and that the alleged damages and costs are yet to be determined.
The company said it will file a response to Star India’s application, filed in the London Court of International Arbitration.
Star India did not immediately respond to a Reuters request for comment.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Mar 15 2024 | 2:33 PM IST
[ad_2]
Source link