Amazon pulls out of bidding war for high-profile India cricket rights
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Amazon (NASDAQ:AMZN) has decided not to bid for the five-year media rights contract to cover Indian Premier League cricket, according to TechCrunch.
The IPL cricket tournament is one of the most widely-watched global streaming events. The five-year contract to cover it is estimated to be worth $4B to $7B.
Sources told TechCrunch that Amazon informed the overseeing cricket board that it is stepping up out of the bidding war against other media giants. AMZN is said to have determined that the online streaming rights did not make sense from a business perspective.
âAmazon has a great balance sheet but as a standalone, digital-only bidder, it would've had a challenge recouping such a big investment on streaming," said Media Partners Asia's Mihir Shah.
Amazon (AMZN) still has major plans in India. The e-commerce giant is reported to have deployed about $6.5B in its India business overall and operates the Prime Video streaming service there.
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