UPDATE 1-Second round set for French soccer TV rights

(Adds stock reaction, analysts comments, details)

By Dominique Vidalon

PARIS, Feb 1 (Reuters) - France's professional soccer league (LFP) has extended the bidding process for rights to broadcast top-flight soccer matches over the next four seasons.

The surprise news was seen on Friday as a setback for the money-hungry League which did not get high enough bids.

The terms of the second round of bidding were still unclear but pay-TV group Canal Plus (VIV.PA: Quote, Profile, Research, Stock Buzz), who vowed not to overpay, emerged as the winner of the first phase, analysts said.

Shares in media group Vivendi (VIV.PA: Quote, Profile, Research, Stock Buzz), the parent of Canal Plus, gained more than 4 percent on Friday.

In a statement on Thursday night, the league announced no packages had been awarded despite the fact that nine contenders submitted 31 financial offers.

It gave no reasons for this but analysts said this meant none of the packages up for grabs in the complex auction found buyers at the minimum price sought by the league.

Another unknown is whether the second round will be an open bidding process or a direct negotiation between the league and the key bidders, analysts said.