Now that Spain beat Germany 1-0 in the Euro 2008 championship, it's time to do the math. Charlton, the company that owned the broadcast rights to the matches, seems to have lost about NIS 3 million after striking a new deal that brought fans the games for free, leaving it free to sell advertising.

Charlton paid the Union of European Football Associations around NIS 40 million for the right to broadcast the 2008 soccer championship. It also bore the half-million dollar cost of building a broadcast studio and sending broadcast teams to Europe.

At first Charlton tried to sell the rights to Channel 2 and Channel 10 for somewhere between $6 million to $8 million. But finally a new agreement was reached, under which all the 19 games were broadcast on free public-access television Channel 10, in exchange for which Charlton was entitled to sell the advertising time independently.

Ergo, its main income from the contest was selling advertising time during the 19 matches on Channel 10.

Media sources say that Charlton sold all the spots, except for some during the first few matches. It then added another ads break after the studio broadcast at the end of the games. It charged NIS 32,000 per spot and made about NIS 36.5 million. Minus the ad agencies' fee of about 15%, that's NIS 31 million. New HOT and Yes subscribers paid NIS 50 to watch the Sport 1 and Sport 2 channels during the championship month, from which Charlton received NIS 40 for each new viewer, making about NIS 1.4 million.

Charlton also charged restaurants and pubs for the right to screen the games to the public, charging up to NIS 15,000, depending on the size of the facility. But the math, of ad income plus new subscribers income, shows that it would have had to collect NIS 10 million from restaurants and pubs to cover its NIS 42.5 million in costs.