Fox Sports Signs Eight-Year Extension of Nascar TV Rights
News Corp. (NWSA)’s Fox Sports Media Group signed an eight-year extension of its contract to carry Nascar racing, keeping rights to circuit events including the Daytona 500 through 2022.
Fox and Nascar didn’t reveal financial terms in a statement today announcing the agreement. Fox will pay $300 million a year, or $2.4 billion over the eight years, the Associated Press said. The current pact pays $225 million, the news service said.
Fox has been cinching up long-term deals for sports, including a new agreement with Major League Baseball for broadcast rights extending through 2021 that pays the league $525 million a year, people familiar with the accord said this month. Walt Disney Co. (DIS)’s ESPN and ABC networks also have Nascar, as does Time Warner Inc. (TWX)’s Turner Broadcasting.
Under the agreement, Fox Sports gains additional digital rights to races, including live race streaming of a portion of the season starting in 2013, the parties said in a statement. Financial terms weren’t announced.
Class A shares of New York-based News Corp. rose 1 percent to $24.36 at the close in New York. They have gained 37 percent this year. International Speedway Corp. (ISCA), operator of the Dayton International Speedway, gained 3 percent to $25.66.
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