Manx firm Greenlight Television has lost the right to film the TT, with the contract being given to a British production company.
It means North One has exclusive visual rights to all TV production, sales and distribution, including mobile and online, until 2013.
A Department of Tourism and Leisure statement says the current deal, which has been in place since 2001, was due for review ahead of next year's event.
The Minister, Martyn Quayle, says North One's pitch stood out as one that would revolutionise television coverage of the TT.
The company is renowned for its coverage of the Formula One and World Rally Championships.
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