Zee has refuted Star’s claims for damages, saying it should contest them.”The arbitration is at its preliminary stage and the London tribunal is but to find out if the corporate is liable in any method,” the Mumbai-listed broadcaster mentioned in a regulatory assertion.
In March this 12 months, Star had moved the London Courtroom of Worldwide Arbitration after Zee did not adjust to an Aug 26, 2022 settlement, underneath which it was to license the tv broadcasting rights for ICC tournaments to the latter for 4 years, that’s from 2024 to 2027.
Six months later in Sept, Star terminated the settlement with Zee and quantified the damages at $940 million as of Aug 31, together with different costs. “We are going to, on deserves, strongly contest all unfounded claims by Star and reserve all our rights,” mentioned Zee on Wednesday. Zee had claimed that it’s Star that has breached the settlement and has sought $685 million from it. In Jan this 12 months, Zee had missed its first fee to Star because it was reportedly not ready to pay.
