By Samidha Sharma, CNBC-TV18

Sony India and World Sports Group have won the media rights for the Indian Premier League for ten years.

How will this arrangement work?

IPL media rights were announced by Lalit Modi, Vice-President of BCCI. It has been jointly won by World Sports Group and Set Max Sony, for an amount of USD 918 million. This also includes USD 108 million of assured and guaranteed marketing and promotional spend, which totals up to USD 1.026 billion, over a period of ten years.

Alongwith media rights, the broadcast rights would include mobile and online rights, besides other revenues. The WSG would be sublicensing the media rights for India and a couple of others southeastern countries to Sony Set Max. The rest of the media rights are still to be auctioned and should be known in the next couple of weeks.

WSG would be sublicensing those rights to other international broadcasters. The franchise owner, the bidding for which is supposed to happen on January 24, would be taking 80% of the media revenue that would be generated in the first two years.

The percentage would go down gradually in the next couple of years. For now, it is a joint winning bid by WSG and Sony Set Max.