Zee snags comprehensive FIFA broadcast, streaming rights just days before World Cup begins

Mumbai: Just days before the FIFA World Cup is slated to begin, Zee Entertainment Enterprises said it had bought the broadcast and streaming rights to the tournament along with a bouquet of other FIFA football events. These include the women’s World Cup next year, the 2030 World Cup, and a docuseries on football. In total, the rights deal will run until 2034, Zee Entertainment said in a statement on Monday.

Zee did not disclose the size of the deal. An industry executive aware of the developments said Zee is paying upwards of $30 million for the entire package. This is at a significant discount to FIFA’s initial asking price of $100 million, according to a report by Reuters.

A spokesperson for Zee declined to share deal specifics.

JioStar was also said to be in talks with FIFA officials to close a longer broadcast deal. FIFA officials visited India to talk to potential bidders last month, Reuters had reported. Zee had made a formal offer then, The Times of India reported.

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Last month, FIFA secured a broadcast deal in China with the state-controlled China Media Group after a significant delay. The FIFA World Cup, starting 12 June, is being held in North America this year, which means many matches will be played late night or very early morning India time.

Zee Entertainment is building out a sports arm in its TV operations, with the launch of four sports channels – Unite8 Sports 1, Unite8 Sports 1 HD, Unite8 Sports 2, and Unite8 Sports 2 HD. Bavesh Janavlekar heads Zee Entertainment’s sports vertical for television while digital broadcast of FIFA content will be managed by Siju Prabhakaran, head of the company’s streaming platform Zee5, according to a company spokesperson.

Growth potential

“Our approach has been to invest in properties where we see current relevance and future growth potential,” Punit Goenka, CEO of Zee Entertainment Enterprises, said in the statement. “Our partnership with FIFA will enable us to unlock the true value of the sport in line with our sharp focus on growth and profitability, while amplifying the excitement of the game for every fan.”

Zee’s presence in sports has been minimal. Analysts were unimpressed by the company’s Q4 and fiscal year performance.

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Zee Entertainment reported a 2% decline in operating revenue to ₹8,098.9 crore in FY26, while profit after tax declined 61% to ₹273.6 crore. Advertising revenue declined 10% to ₹3,224.3 crore while subscriptions grew 4% to ₹4,079.6 crore.

However, streaming platform Zee5 became profitable during the fiscal year, Goenka told analysts on an earnings call last month, largely due to a “7-language strategy” focused on regional entertainment.

“Zee Entertainment faced sustained pressure on advertising revenues, which remained ~30% below pre-covid levels,” media analyst Karan Taurani of brokerage firm Elara Capital wrote in a note last month, downgrading the stock to a sell. “Near-term headwinds, including inflationary pressures and geopolitical tensions in West Asia, are likely to weigh on advertiser spends.”

Structurally, the traditional TV broadcasting business faces elevated risk as FMCG, one of television’s largest advertising verticals, continues to shift budgets to digital platforms, including e-commerce, quick commerce and performance-led ecosystems, Taurani said. The proliferation of direct-to-consumer brands has accelerated digital-first advertising behaviour, diminishing reliance on mass TV media.

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“Against this backdrop, we do not foresee a meaningful recovery in ad revenues and estimate continued drop in FY27. Factoring in Q4, we pare FY26-28E revenue estimates by 6-7%,” Taurani said.

However, sports may change the equation for Zee. Shares of Zee Entertainment closed 2.88% higher on Monday after jumping over 7% in afternoon trade. The benchmark Nifty 50 Index fell 0.7%.

Zee does not have rights to any cricket tournament, the largest and most lucrative part of streaming catalogues in India. In 2022, the company had sub-licensed TV broadcast rights to some International Cricket Council events including Under-19 cricket from JioStar but terminated that agreement in early 2024 as the company’s merger with rival Sony Entertainment failed. JioStar and Zee are in arbitration over the dispute; JioStar is claiming over $1 billion in damages.

Besides this, Zee licenses the Uttar Pradesh Pro Kabbadi League.