MUMBAI: Walt Disney’s native unit Star India has sought $940 million in damages from Zee Entertainment Enterprises within the London arbitral court docket after the Punit Goenka-helmed firm defaulted on funds for cricket broadcasting rights. Star has additionally sought prices, bills and relevant curiosity till full fee.
Zee has refuted Star’s claims for damages, saying it can contest them.”The arbitration is at its initial stage and the London tribunal is yet to determine if the company is liable in any manner,” the Mumbai-listed broadcaster mentioned in a regulatory assertion.
Zee has refuted Star’s claims for damages, saying it can contest them.”The arbitration is at its initial stage and the London tribunal is yet to determine if the company is liable in any manner,” the Mumbai-listed broadcaster mentioned in a regulatory assertion.
In March this yr, Star had moved the London Court of International Arbitration after Zee failed to adjust to an Aug 26, 2022 settlement, beneath which it was to license the tv broadcasting rights for ICC tournaments to the latter for 4 years, that’s from 2024 to 2027.
Six months later in Sept, Star terminated the settlement with Zee and quantified the damages at $940 million as of Aug 31, together with different prices. “We will, on merits, strongly contest all unfounded claims by Star and reserve all our rights,” mentioned Zee on Wednesday. Zee had claimed that it’s Star that has breached the settlement and has sought $685 million from it. In Jan this yr, Zee had missed its first fee to Star because it was reportedly not able to pay.
