The Mediapro agency has cancelled Spanish commercial broadcaster La Sexta’s contract to show Formula One motor-racing and is looking for a new broadcaster to acquire the rights for the 2012 season.
According to Spanish newspaper El Mundo, La Sexta, which is owned by Mediapro, was unable to pay a €45 million ($57 million) rights fee instalment for the 2012 season due to declining advertising revenues.
Mediapro has invited broadcasters to bid for the Spanish free-to-air and internet rights for the 2012 and 2013 seasons. Bids are due by February 6.
In 2007, Mediapro acquired Formula One rights in a five-year deal, from 2009 to 2013, and sublicensed the rights to La Sexta.
The first grand prix of the 2012 season will take place in Australia on March 18.