The World: New Delhi - Sony stands firm amid World Cup backlash

India's earlier-than-expected exit from the Cricket World Cup has proved a disaster for the country's media industry, which is now trying to salvage investments said to be worth up to $138 million.

However, some clients and agencies have been thwarted in their efforts to get Sony Entertainment Television, one of India's most popular Hindi language broadcasters, to shoulder part of the loss by giving discounts or cutting ad rates.

A joint statement by the Indian Broadcasting Foundation and the Indian Advertising Association said "all contacts are bilateral and should be governed by what parties have agreed to in writing".

Rohit Gupta, SET's head of revenue, said: "We didn't just increase the rates in the last World Cup when India went to the finals, so why should there be any renegotiation this time?"