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The stock market wiped a whopping $500 billion-plus in market capitalization from the world's biggest media, cable, and entertainment giants in 2022.
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Indian tycoon Ambani takes on Disney in world’s richest cricket league
Much more will be at stake than winning a cricket match on Friday, when Indian all-rounder Hardik Pandya and his Gujarat Titans take on the Chennai Super Kings — whose star players include England’s Ben Stokes —for the opening fixture of the Indian Premier League. A game played in front of as many as 100,000 fans in Ahmedabad will showcase the first fully fledged, nationwide edition of the IPL, the world’s glitziest and most lucrative cricket tournament, since 2019, after the pandemic led to years of compressed seasons played in a handful of venues. After a five-season monopoly on the IPL rights, US entertainment giant Walt Disney will be battling with newcomer Viacom18 — a partnership between Mukesh Ambani’s Reliance Industries, Paramount and an investment group run by James Murdoch and former Disney executive Uday Shankar — for viewers and advertisers, after losing the streaming rights at a record-breaking $6.2bn auction last year.
