The Hanoitimes - Infront Sports and Media (ISM) has agreed with the deal proposed by National station Vietnam Television (VTV) after an unnamed big company in Vietnam gave the national broadcaster US$5 million to make it happen.
VTV secures broadcasting rights of all 64 matches, value of the deal not revealed, as reported by VnExpress.
The deal was struck at 11 pm on June 7. Vietnam became the last country among 220 members of the World Football Federation (FIFA) which won the contract to broadcast the matched, according to the FIFA.
VTV wins 2018 World Cup broadcasting copyright deal.
The value of the deal has not been revealed, but it is said that the value has exceeded the deal value for the 2014 World Cup broadcasting right, which was US$7 million.
Earlier, VTV estimates for a loss of 90% of its investment if they want to win an exclusive right to broadcast all 64 football matches during the 2018 FIFA World Cup. For that reason, the Vietnamese broadcaster did not try to purchase the broadcasting right at all cost.
The foreign distributor offered the price of US$10.3 million for the rights in Vietnam. However, VTV said that was too high. This is not the first time negotiations for broadcasting rights for major sports events have faced difficulties because of high prices.
FPT Group bought the rights for World Cup 2016 at US$2 million and the price went up to US$3.5 million in 2010. The broadcasting rights for World Cup 2014 were offered at US$14 million and finally was bought by VTV at US$7 million. A figure of US$15 million has been quoted this time by the rights holder.
The 2018 FIFA World Cup is slated to kick off in Russia in the middle of this month. According to the Fédération Internationale de Football Association (FIFA), more than 200 countries and territories have already negotiated broadcast rights.