Dar Capital firm is highest bidder with Rs 3.3 bn for IPL theatrical rights

Dar Capital firm is highest bidder with Rs 3.3 bn for IPL theatrical rights

MUMBAI: Entertainment and Sports Direct, promoted by investment advisory and private equity firm Dar Capital Group, has emerged as the highest bidder with Rs 3.30 billion for the Indian Premier League‘s (IPL) theatrical rights.


The deal, from 2010 through to 2019, will give ESD the exclusive exhibition rights for audiences in cinema halls, stadia, water borne vessels, buses, trains, armed service establishments, hospitals, bars, hotels, restaurants, airports, railway stations, shopping malls, offices, construction sites, oil rigs, clubs, auditoriums, spas, salons and other similar public venues.


ESD is a company focussed on sports and entertainment related content acquisition for which it has signed up with UFO Moviez and Valuable Media for theatrical and public exhibition in India and key-global markets.


Two bids were received for the theatrical rights tender from Triplecom Media and ESD.


IPL chairman and commissioner Lalit Modi said, "We are absolutely delighted that after a fair and transparent process, we have what we believe to be the best theatrical telecast deal for the Indian Premier League and its fans across India. Both the bids received were of very high standard and we would like to thank both the organizations for their submissions. The ESD bid is subject to final approval from the IPL Governing Council, and we believe that this agreement will help us take the IPL action direct to the fans on the large screen.? 


ESD director Arun Rangachari said, "We firmly believe that the IPL is a superior sporting event that has transformed the very landscape of cricket globally. Together with our partners UFO Moviez and Valuable Media, we are confident of bringing about a radical transformation in the way the sport of cricket is viewed and enjoyed by fans across the world. We believe that there are significant untapped business opportunities that are being addressed by this association that will create a global benchmark. ?


UFO Moviez. and Valuable Media Ltd, promoted by Valuable Group, are pioneers of the digital media platform in India and around the world. UFO Moviez claims to be the largest satellite-based digital cinema network in the country with over 1700 screens.


Valuable Group acquired moviebeam, a digital media technology platform founded by Disney with over $ 250 million in investment, and has repurposed it for use in the hospitality and public venue markets around the world.


Valuable Group of Companies MD Sanjay Gaikwadn says, ?We are very excited with this new initiative kicked off by IPL. With UFO?s 1700 digital cinemas and our proprietary Hollywood studio approved moviebeam digital platform, this is a unique opportunity for theater owners and public venues to get exciting High Definition cricket content at their properties. Theaters normally starve for content during the IPL season and with IPL releasing content to theaters and public venues, every town across the country will be able to experience the stadium like electrifying atmosphere created by IPL.?
 

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