Net gets 69% discount on original $270 mil deal
RIO DE JANEIRO — TV Globo, Brazil’s leading network, has renegotiated a huge cut in the price for exclusive Brazilian TV rights to the 2006 Soccer World Cup in Germany.
Globo will pay $83 million, down from the $270 million agreed to in its original contract with world rights holder Infront.
Globo and Germany-based Infront agreed the cut in May, but the net is only now disclosing the information in its recently released report for the first half of this year.
Agreement settled a court battle between the pair. Globo sued Infront in 2003 in a Rio court, demanding the cut after the value of sports rights fell dramatically in the years subsequent to 1998, when Globo and Infront inked for the Brazilian rights to the 2002 and 2006 tournaments.
Globo paid $240 million for the 2002 Cup but balked at the high price for 2006.
Held every four years, the World Cup is the most important sports event for Brazilians and a huge source of ad coin.