Shares of TV18 Broadcast jumped around 3 percent in opening trade on September 8 after Viacom18 bagged the media rights for televising and live-streaming Indian Super League (ISL) football matches for the next two seasons.
At 9.30 am, shares of TV18 Broadcast were trading 2.87 percent up at Rs 49.90 on the BSE. The shares had hit their 52-week high of Rs 51.65 on September 5, 2023.
The two-year deal will run from September 1, 2023, to June 15, 2025, with the successful bidder having an option to extend their rights for an additional three years, reports said.
Viacom18 has replaced Disney Star, which had been the official broadcaster for the last nine seasons.
Catch all market action in our live blog
"Football Sports Development Limited (FSDL) announces Viacom18 Media Private Limited as the ‘new home of Indian Football’ for the 2023-24 and 2024-25 seasons. The 10th season of the Indian Super League (ISL) kicks off on September 21 at the Jawaharlal Nehru Stadium, Kochi, with a blockbuster clash between rivals Kerala Blasters FC and Bengaluru FC," as per a statement on the ISL website.
"Viacom18 will be the exclusive media rights holder for ISL, India’s top-tier football league, across Digital and Linear TV platforms. The telecast will be available for football fans in multiple languages keeping in mind the diverse audience of the league, and will also be streamed free on JioCinema," it added.
Shares of TV18 Broadcast are up 31 percent this year till date, while the 1-year return stands at 13 percent.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
