No T20 World Cup On HotStar? Jio Seeks Exit From ICC Media Rights Deal

The International Cricket Council is dealing with a serious broadcast problem, with JioStar backing away from its costly India media rights deal just two months before the T20 World Cup 2026. The situation raises doubts about who will screen matches in India, where most of the sport’s commercial value still sits.

JioStar has officially informed the ICC that the company cannot honour the final two years of its four-year contract. The agreement, worth $3 billion for India alone, was meant to cover events until 2027. JioStar has blamed heavy financial losses from sports properties and wants to exit early from the deal.

ICC media rights dispute and fresh bidding plans

The ICC has reacted by launching a fresh tender for the 2026-29 cycle, looking to secure about $2.4 billion from new bidders. Reports in The Economic Times say the governing body has spoken with Sony Pictures Networks India, Netflix and Amazon Prime Video, yet all three are understood to be hesitant about the expected price.

Even with the search under way, JioStar is still tied to its contract on paper. Unless a replacement buyer is found and approved, JioStar must continue to show ICC events in India through 2027. That legal obligation gives the ICC some protection, but it also leaves planning for the T20 World Cup 2026 under a cloud.

Financial strain behind ICC media rights pullback

Numbers inside JioStar show why the company wants relief. Provisions for expected losses on sports deals more than doubled in 2024-25, jumping to ₹25,760 crore from ₹12,319 crore the previous year. These rising provisions suggest that current advertising and subscription income is badly lagging behind the cost of buying rights.

The finances worsened after India banned real-money gaming earlier in 2025, removing what had been cricket’s largest advertising category. Industry executives estimate this single policy move left a gap of around $840 million. Other brands have not filled that space, which has hit broadcasters that had counted on gaming brands’ aggressive spending.

How ICC media rights valuations became inflated

JioStar did not originally win the ICC package. The rights were inherited from Disney’s Star India during the merger that formed JioStar with Viacom18. Several senior industry figures had already argued that the $3 billion valuation for India was far above market levels and did not match realistic revenue expectations.

Competing bids during the auction underline that view. Sony is reported to have offered about $1.4 billion for combined television and digital rights, while Viacom18’s standalone bid was near $1 billion. On top of that, a rising dollar pushed JioStar’s effective burden to around $3.3 billion once the exchange rate crossed ₹90.

The key financial figures from the deal and broader market are shown below.

The disruption arrives just as the T20 World Cup 2026 approaches, scheduled to start on 7 February in India and Sri Lanka. India accounts for nearly 80% of ICC revenue, which shows how dependent global cricket is on one market. Any delay in broadcast clarity risks frustrating fans and advertisers across the region.

At the same time, the merger of Star India and Viacom18 into JioStar has left India with a near duopoly in sports broadcasting. In practice, only JioStar and Sony remain as major contenders for big cricket rights. That concentration reduces leverage for rights holders such as the ICC, which now have fewer serious buyers to court.

The ICC’s current struggle also reflects a wider correction in sports media values. The International Olympic Committee and FIFA have both faced difficulty achieving target broadcast prices in India. Yet the ICC recorded a $474 million surplus in 2024, suggesting the sport’s global business stays healthy even as broadcasters reassess what they are willing to pay.