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The broadcasting privileges for the highly anticipated Pakistan Super League (PSL) have been auctioned at an unprecedented Rs6.3 billion, showcasing a remarkable surge of Rs2 billion from the previous agreement.
In a competitive bidding process, a private TV channel outperformed three other contenders, consolidating its position as the primary broadcaster for this prestigious cricketing event.
The financial bids commenced with a reserve price of Rs7.358 billion, with the previous rights holder channel proposing an initial bid of Rs5.30 billion. Despite state-owned TV and two other competitors submitting bids ranging from Rs4 billion to Rs5.17 billion, none met the reserve price, prompting an intense second round of bidding.
Also Read: PSL 9 on the Horizon: PCB Shares Preliminary Tournament Schedule
In a strategic move, the leading bidder from the first round escalated its offer by an additional Rs1 billion during the second round, ultimately securing the broadcasting rights for the next two years at a monumental Rs6.30 billion.
This approved deal by the Pakistan Cricket Board (PCB) designates 95% of the proceeds to the PSL franchises, translating to over Rs3 billion annually for these franchises. Notably, digital rights were separately acquired for Rs1.85 billion, adding an extra layer of significance to the overall agreement.
It is important to highlight that the PCB exclusively permitted companies with their own sports channels or acquired rights from another channel to participate in the bidding process. This led to four channels competing for the lucrative rights.
Maintaining the authority to reconsider bids or postpone the process if the reserve price was not met, the PCB achieved a consensus after a substantial bid in the second round, ensuring the smooth progression of the broadcasting rights deal.
HBL PSL Media Rights see massive increase! 📈 #HBLPSL9
More details here 👇🏽 https://t.co/oddIbYBnie
— PakistanSuperLeague (@thePSLt20) January 10, 2024
In a noteworthy twist, the entity that secured the broadcasting rights in the previous contract, with a reserve price of Rs3.7 billion, has once again emerged victorious, this time with a considerably higher bid of Rs6.3 billion for a two-year duration.
In a pursuit of transparency, the PCB engaged the services of the international company ‘Colganbauer’ to conduct a thorough valuation of the media rights of PSL before the bidding, determining a value of Rs6 billion.
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