Over the top (OTT) service owned by Novi Digital Entertainment, a subsidiary of Star India, has pulled out from its sponsorship deal with the Indian Premier League (IPL), India Today reported on Wednesday (14 August). The platform has withdrawn as the on-ground sponsor of the premier T20 league in India.
“There was an exit clause in the deal and Hotstar chose to exercise it,” India Today quotes a BCCI source. According to the report, the deal is worth Rs 42 crores per year. Associate sponsorship is reportedly cost between Rs 40 to 80 crore.
The deal it is learnt was worth Rs 42 crores per year. IPL Associate sponsorships are reported to be in the range of 40-80 crore rupees.
Hotstar joined as the ground sponsor of the IPL in 2017 after Star India struck a five-year media rights deal with the league. The consolidated winning bid for television and digital rights for the league won by Star India was worth Rs 16,347.5 crores. It needs to be noted that the move will have no bearing on Hotstar digital streaming rights.
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