Yeah, they sub-licensed rights to the Zee. I guess they already had some back-door talks with the Zee before the auction took place and now looks a good deal. Having said that considering 2nd,3rd, 4th bidding everyone would still say that Disney overpaid.
Some could also argue that Disney played their cards rights and didn't go along with other broadcaster agenda, which was to take auction to e-auction.
The intention from Reliance and others was to take it to the second round (e-auction). In order to avoid it, Disney-Star had to make sure that there is more than 10% difference with the second ranking bid.