JULY 31, 1995
MTV to make F1 comeback
MTV Europe was lured into F1 at the start of 1994 by Simtek, despite strong bids from Jordan and Benetton. The deal was not worth any money but provided free programming space on the TV channel which enabled Simtek to attract other sponsors such as Russell Athletic and Korean Air.
Part of Sumner Redstone's vast Viacom media empire - which includes Blockbuster Video and Paramount Pictures - MTV is very successful; and although there was no money for F1 in 1995, the TV station was hoping to find some funding for the deal in 1996. Viacom recently announced a $56m profit for the first quarter of 1995 and has also greatly improved its financial situation in the recent weeks by selling its US cable TV networks in a billion dollar deal.
The teams involved are Jordan, Sauber, Tyrrell, McLaren, Ligier and Arrows, with the rumor being that Jordan is the favorite as its unconventional image fits in well with MTV's jaunty style of presentation.