BANGKOK: Thai telecom carrier Jasmine International Pcl agreed to pay as much as US$560 million for rights to broadcast English Premier League football, seeking to attract customers to its streaming business.
The company got exclusive rights for live Premier League and FA Cup matches in Thailand, Laos and Cambodia for at least three seasons starting from 2025, according to its exchange filing late Monday. The contract can be extended to as long as six seasons if the company receives written notification from the rights holder by Dec 1, it said.
Shares of the company advanced as much as 8.4% in Bangkok, the most since Sept 30. They’ve gained about 20% this year after two straight annual declines.
English football, with teams such as Liverpool and Arsenal, has a wide following in South-East Asia. The rights are set to be a boon for Jasmine as it competes against regional rivals such as True Corp, which currently broadcasts English football in Thailand.
The initial three-year rights cost $233 million and the payment will rise to $560 million for a six-year pact, the company said. Jasmine will use its existing cash flow and loans from financial institutions to fund the deal, which is subject to shareholder approval.
The company has more than 600,000 customers for its internet TV platform and has been expanding its content offerings. It’s also seeking to increase its foothold in Laos and Cambodia. - Bloomberg
