Seven West Media Limited
(ASX:SWM) has reportedly paid a princely sum to lock in the broadcast rights to the tennis for another five years, according to media reports.
Seven West reportedly convinced Tennis Australia not to put the rights to open auction, where rival Ten Network Holdings Limited
(ASX:TEN) was expected to make a play for the lucractive contract.
Last week, Ten's chief executive Hamish McLennan said Tennis Australia would be mad not to put the rights to an open auction.
Media reports say the new contract is worth $30 million per year, or $150 million over five years.
Seven West's current contract expires after the 2014 Australian Open.
Seven West Media reported a net loss of $109.3 million in the first half of the current financial year.
