
In the e-auction for the multi-year rights to the Indian Premier League cricket tournament, a joint venture between Paramount Global (NASDAQ:PARA) and Mukesh Ambani's Reliance Industries won the streaming rights, outbidding incumbent holder Walt Disney Company (NYSE:DIS).
The loss of IPL streaming rights may have cost Disney 20 million subscribers, Bloomberg reported, citing estimates from Media Partners Asia. This could leave Disney+ streaming service facing an uphill task to achieve the global subscriber goal of 260 million by 2024.