JioHotstar seeks exit from ICC media rights amid rising loss provisions

In a major blow to cricket broadcasting , JioStar is reportedly seeking an exit from its ongoing International Cricket Council (ICC) media-rights agreement, which it inherited from Star India after their merger. The deal has become financially unsustainable due to low viewership for non-India matches and a steep drop in sponsorship revenue following the ban on fantasy-gaming advertisements. The company has more than doubled its provisions for anticipated losses on “onerous” sports-content contracts to about ₹25,760 crore in FY25 , up sharply from the previous year.

However, this figure does not mean JioStar actually incurred those losses. Provisions represent expected or potential future losses, not realised ones. In fact, despite the high provisioning, JioStar still reported a modest standalone profit of around ₹18 crore in FY25, indicating that the company’s core operations remained marginally profitable even as the sports rights burden grew heavier.

The ICC has reopened bidding for the 2026-29 media rights , valuing the package at $2.4 billion , and has approached major players including Sony, Netflix, and Amazon . However, none of these companies have made firm commitments yet, leaving the rights in a state of uncertainty.

Despite its desire to exit, JioStar remains contractually bound until a replacement broadcaster is confirmed , keeping the company in a challenging position. The situation highlights both the risks of global cricket rights investments and the enduring strength of IPL viewership, which continues to provide a profitable anchor for broadcasters.