Spanish rights broker and services company Mediapro has snagged all Latin American TV rights, excluding Brazil, to the Formula One Motor Championship for the next five seasons.
Mediapro plans to release a dedicated 24-hour Formula One TV channel for the region.
The pact with Formula One-rights owner Formula One World Championship gives Mediapro exclusive free-to-air and pay TV broadcasting rights for all the Formula One car races and qualifications over 2015-2019, the company said in a statement. Financial terms of the deal were undisclosed.
“Formula One Championship is one of the leading premium TV contents in the world and of a great importance for the emerging Latin American market,” Mediapro said.
With around 400 million potential viewers in Latin American territories, Formula One now holds a especial lure given the participation of Venezuela’s Pastor Maldonado and Mexico’s Sergio Perez, two of the 22 drivers in the Formula One World Championship.
The deal for Latin America strengthens Barcelona-based Mediapro’s position as a relevant international sport TV rights-broker. In Spain, Mediapro already holds rights to the Formula One’s broadcasting rights for seven years, and handles Spanish and international rights to Spain’s top soccer division, the Liga BBVA.
Mediapro is part of Spanish media conglom Imagina, whose partners include TV producer Globomedia, British advertising multinational WPP, financing fund Torreal and Mexican giant Televisa.
Sports rights management represent 35% of Imagina’s €1.387 billion ($1.913 billion) total revenues in 2013. The holding plans to go public during the next three years, Mediapro sources said.