In yet another indication that Spain’s economy is continuing to collapse under the pressures of the latest European financial crisis, its local Formula 1 broadcaster, La Sexta has terminated the rights to televise the sport in 2012.
Its announcement comes with two years left to run on its current five-year deal, with the broadcaster confirming that it can no longer afford to keep the show going due to a loss of advertising revenue.
Under La Sexta’s watch, its broadcasts attracted over three million TV viewers per race.
La Sexta’s parent company, MediaPro, pays some $50 million a year for exclusive broadcasting rights in Spain, but it’s going to have a hard time finding a replacement TV station, with the majority across the country having to tighten their belts in the wake of the current Eurozone financial woes.
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