汇丰银行-印度行业研究-indian telecoms and media：ipl rights may have a disruptive outcome-20170707-hsbc

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1、7July2017IndianTelecomsandEQUITIESWIRELESSTELECOMANDMediaMEDIAIPLrightsmayhaveadisruptiveoutcomeIndiaIPLmediarightsareupforrenewal,mayconcludeinJulyRajivSharma*AnalystAcquiringofdigitalrightsbyJiomaybenegativeforBharti,HSBCSecuritiesandCapitalMar

2、kets(India)PrivateLimitedandbyAmazonmaybenegativeforZeerajivsharma@hsbc.co.in+912222681239MaintainBuyonBhartiandReduceonZeeDarpanThakkar*AnalystHSBCSecuritiesandCapitalMarkets(India)PrivateBothTVanddigitalrightsforIndianPremierLeague(IPL)arecomingupfo

3、rrenewalLimiteddarpan.thakkar@hsbc.co.inandthefinaldecisionislikelytobetakeninJuly2017.StarIndia(notlisted)paid+912261640695cUSD50min2015forthedigitalrightsforathreeseasoncontractandSonyPicturesNetwork(notlisted)paidcUSD1.2bnforbroadcastrightsin2008for

4、aperiodof10years.*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulationsThistimearoundboththedigitalandmedia(TV)rightsarelikelytobeforaperiodoffiveyears.InSeptember2016whenBCCI(BoardofControlforCricket

5、inIndia)plannedthesaleofbothdigitalandmediarights,c18companieswereinterestedandtheseincludedStarIndia,SonyPicturesNetwork,Amazon(notrated),Facebook(notrated)andevenJio(notlisted).Howevertheprocesscouldn’tseeprogresslasttimeduetothestandoffbetweenBCCIan

6、dLodhaPanel.InthisreportwelookattheobjectivessomekeyplayersmaytrytoachieveviaparticipatingforIPLandpotentialimplicationsforBhartiandZee.Understandingcompetition:WeareoftheviewthatStarIndiaandSonyPicturesarelikelytobeseriousforbothTVanddigitalrightsifbo

7、ththerightsweretobebundledandsold.IftheyaresoldseparatelywecouldseeStarIndiaandAmazonasthemostseriousplayersfordigitalrights(Jiolikelytobecompetitive)andStarIndiaandSonyPicturesmostkeenfortheTVmediarights.Hypotheticallyspeaking,disruptiveoutcomes:Inasc

8、enariowhere4GnewentrantJioemergesasapotentialwinnerforIPLdigitalrights,itmaybenegativeformarketleaderBhartiasthismaywidenthegapbetweenbothtelcosonmediaofferingsandmayimplythatBhartimayhavetostartallocatingcapitaltopurchaseoriginalconten