LAHORE: The broadcasting rights for the Pakistan Super League (PSL) auctioned for a staggering Rs6.3 billion, marking a notable increase of Rs2 billion from the previous deal.
In the competitive bid for these rights, a private TV channel emerged victorious over three other contenders. Financial bids were opened yesterday, with a reserve price of Rs7.358 billion.
During the initial bidding round, the previous rights holder channel proposed a bid of Rs5.30 billion, while the state-owned TV channel and the remaining two competitors submitted bids of Rs5.17 billion, Rs4.40 billion, and Rs4 billion, respectively. However, none of the bidders could match the reserve price, leading to a second round of bidding.
The channel with the highest bid in the first round further increased its offer by one billion rupees in the second round, securing the broadcasting rights for the next two years at a total of Rs6.30 billion. The Pakistan Cricket Board (PCB) has approved this deal, with 95% of the proceeds directed towards the PSL franchises. Consequently, the franchises stand to receive over Rs. 3 billion annually. Additionally, digital rights were separately acquired for Rs. 1.85 billion.
Comparatively, the reserve price for the previous contract was Rs3.7 billion, with the rights ultimately being sold for Rs4.3 billion for a two-year duration. Interestingly, the same entity has once again secured the broadcasting rights. PCB enlisted the services of the international company ‘Colganbauer’ to conduct a valuation of the media rights of PSL before the bidding, determining a value of 6 billion rupees.
