Cricket’s most valuable media deal is starting to look like its most painful. JioStar’s USD 3 billion commitment to the ICC was supposed to cement its dominance in global cricket, but instead it has become a test case in how far rights inflation can stretch a balance sheet.

With exit rumours swirling, renegotiation noise growing, and the next rights cycle already forecast to drop by 30%, this is the deal the entire sports media industry is watching.

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JioStar has kicked off a major marketing campaign for the 2026 ICC Men’s T20 World Cup, even as speculation swirls that the Indian media giant may try to exit its USD 3 billion, four-year global rights deal with the International Cricket Council (ICC).

The contract, inherited from Star Sports following the Jio–Disney merger that created JioStar, runs through 2027 and covers all ICC men’s and women’s events. It was one of the most expensive rights packages ever agreed in international cricket, with an estimated annual outlay of USD 750 million. Industry insiders have long argued the deal was “inflated beyond commercial sustainability,” especially amid India’s softening advertising market and slowing subscription growth for digital platforms.

Post-merger, JioStar assumed not only the broadcasting obligations but also the hefty financial guarantees owed to the ICC. Analysts estimate the company’s live cricket portfolio, including IPL rights (USD 2.8 billion through 2027) and ICC events, collectively commits more than USD 1.3 billion per year in rights fees alone.

Meanwhile, advertising revenue for premium tournaments has plateaued, and the transition from television to streaming has compressed profit margins by as much as 20–25%. According to media finance reports, JioStar’s average cost per viewer-hour for ICC tournaments exceeds USD 0.45, nearly double the rate of comparable live events on Sony or Viacom18, suggesting a serious monetisation gap. That pressure has reportedly prompted JioStar executives to privately express concerns to ICC leadership about “value alignment and flexibility” in the contract structure.

Despite persistent rumours, most industry experts believe an early termination remains unlikely. The ICC’s agreements with global broadcasters include multi-year guarantees and performance bonds, which could expose JioStar to penalties exceeding USD 600–700 million if it walked away prematurely. Still, the broadcaster’s strategic importance, especially in cricket’s largest consumer market, gives it leverage to seek partial relief or renegotiation on non-core properties, such as ICC digital content or secondary international tournaments. Sources close to the negotiations say “constructive discussions” are underway about adjusting the payment schedule or bundling sponsorship inventory to ease cash flow burdens. Any mutual compromise would help both sides avoid litigation or disruption to global coverage.

Behind the scenes, the ICC faces a more pressing financial challenge. It has reportedly warned member boards to prepare for a 30% revenue decline in the next media-rights cycle beginning in 2028. That drop would cut distributions from roughly USD 600 million every four years to around USD 420 million, significantly affecting smaller boards reliant on ICC funding for domestic structures.

Part of the concern lies in market concentration: India currently accounts for over 80% of ICC broadcast revenue. If competition wanes and JioStar tightens its sports content portfolio, the governing body may struggle to maintain current valuations.

The ICC has quietly sounded out alternative partners, including Sony Pictures Networks India, Amazon, and Netflix, in an exploratory move to gauge appetite for streaming or co-ownership models. However, few appear willing to commit at current price levels.

For context, Sony’s last major cricket bid in 2021 was valued at roughly USD 1.5 billion across eight years, half JioStar’s per-year outlay. That leaves the ICC navigating a delicate balance: retaining the financial stability of its biggest partner while managing expectations of member nations bracing for leaner times.

On a headline basis, the ICC’s current 2024–27 media cycle sits at around USD 3 billion, with the JioStar India package making up close to 90% of that value. By comparison, FIFA is budgeting roughly USD 3.9–4.3 billion in global broadcast revenue for the 2023–26 World Cup cycle, while the Paris 2024 Olympics are generating about USD 3.3 billion in media rights worldwide.

On a per-year basis, that puts ICC media at roughly USD 750 million annually, versus more than USD 1 billion per year for the current FIFA cycle and a similar ballpark for Olympic rights once multi-Games deals are annualised. The key difference is concentration: cricket’s value is overwhelmingly dependent on India, whereas FIFA and the IOC spread their media revenue across multiple major markets, giving them more pricing power and resilience.