Key Points
Operating losses for Walt Disney-owned Star India's sports business widened 82% to $432 million for the fiscal year ended September 2023, according to the media conglomerate's annual filings...
Star's sports business, which comprises Star Sports-branded channels, has seen its annual revenue drop by 39% to $729 million due to the telecast of fewer Indian Premier League (IPL) matches...
In the previous fiscal, the company had aired more IPL match as the second half of the IPL 2021 season shifted into fiscal 2022 due to Covid-19...
Disney said the lower ad revenue from Star's sports business was due to decrease of 38% from fewer impressions, 14% from lower rates, and 7% from an unfavourable foreign exchange impact...
Star has committed close to $5 billion in sports rights investment in the last two years on properties like IPL, ICC, and Cricket Australia.. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)..
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