Amazon Plans to Exit $7.7 Billion Race for Cricket Rights
- Surprise retreat to cede the field to Ambani, Disney, Sony
- Media giants are vying to reach a growing India consumer class
Pedestrians walk past the coach of Indian Premier League's Delhi Capitals, in Mumbai.
Photographer: Punit Paranjpe/AFP/Getty Images
Amazon.com Inc. is planning to withdraw from a heated competition for the rights to stream Indian Premier League cricket matches, ceding one of the world’s most popular sporting contests to rivals from Walt Disney Co. to Mukesh Ambani’s Reliance Industries Ltd.
The rights had been estimated to fetch an unprecedented $7.7 billion. The US giant, led by Jeff Bezos, is planning to throw in the towel rather than get into a bidding war at the June 12 auction, according to people familiar with the matter. While Amazon has already invested more than $6 billion in the country, more spending merely for the online streaming rights to the league didn’t make business sense, they said, asking not to be identified discussing internal deliberations.