'Need to leave cricket behind & find sports that are relevant'

Zee Entertainment Enterprises is betting on football for the long term at a time when cricket economics are becoming increasingly difficult even for large broadcasters, wagering that FIFA media rights can help build a sports business in India despite uncertain monetisation prospects for the 2026 World Cup.

The broadcaster has secured FIFA media rights in India through 2034, including the men's FIFA World Cups in 2026 and 2030, the FIFA Women’s World Cup and several other international tournaments, marking its biggest sports investment in years after the UAE-based cricket league International League T20 (ILT20), for which it has committed $100-150 million over 10 years through 2032.

The move reflects a broader shift in India’s sports broadcasting market, where soaring costs for IPL, ICC and BCCI media rights, estimated at nearly $10 billion collectively, have forced broadcasters to rethink strategy as returns lag investments.


“If we want to get into sports, then we need to leave cricket behind and find other sports that are relevant to this country and that we can build,” Zee Entertainment CEO Punit Goenka told ET, describing football as “the youth’s sport today.”

For Zee, football offers a premium global sports property at a fraction of cricket’s cost. According to TAM Sports, football recorded cumulative viewership of 300 million viewers across television and digital platforms in 2025, making it one of India’s largest non-cricket sports categories, though advertiser spending remains heavily skewed towards cricket.

Zee emerged as the surprise winner, beating JioStar and Sony Pictures Networks India (SPNI) to secure FIFA World Cup media rights for 2026 and 2030, reportedly paying up to $60 million despite concerns over near-term monetisation.

Goenka dismissed monetisation concerns over a short sales window and a soft advertising market, saying Zee’s strategy is centred on building football over multiple cycles rather than evaluating returns from a single tournament.

“My vision is to build football to an extent that it really becomes something the country rallies around,” he said.

The FIFA acquisition also signals Zee’s attempt to rebuild after a turbulent period marked by the collapse of its proposed merger with Sony Pictures Networks India, regulatory scrutiny by Sebi, and pressure on the traditional television business.

Beyond football, Zee is evaluating opportunities in sports such as shooting and archery as part of a strategy to diversify beyond its traditional television business and create new growth engines.

Going forward, Zee is betting on digital businesses, artificial intelligence and content expansion to drive its next phase of growth.

Goenka said the broadcaster is expanding investments in short-video platform Bullet, children's content, music, movies and streaming service Zee5, which has already turned profitable.

“Overall, on an annualised basis, we are in profit,” Goenka said, adding that Zee5 would see “clear profitability” next year. “Absolutely, there is no question about that.”

Goenka said most of the regulatory scrutiny surrounding the company has now been lifted.

“One Sebi matter is pending. That is the only other thing that’s pending. Now, we are focused purely on driving and growing the company,” he said.

Zee is currently locked in an arbitration case with JioStar over the terminated ICC media rights deal, with JioStar seeking $1.1 billion in damages. Goenka declined to comment on the matter, saying the case is sub judice and that Zee has a “strong case”.

Goenka also hinted at further expansion beyond Zee’s existing portfolio of language markets and digital offerings.

“I am not satisfied that only these 12 markets are where I want to operate,” Goenka said. “I will go into every nook and corner of this country and find audiences that I believe can contribute, which are not being reached by anybody and everybody.”

This media rights acquisition comes at a time when Zee is facing pressure in its core television business. In FY25, the company reported a 60% decline in net profit, while advertising revenue fell 10%.

Goenka said that while the promoter family continues to explore increasing its stake, the priority is strengthening Zee’s financial foundation.

“We went and built it from the ground up,” he said. “That’s what we will continue to do.”