Bloomberg News

Fox Sports Signs Eight-Year Extension of Nascar TV Rights

October 15, 2012

News Corp. (NWSA:US)’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:US)’s ESPN and ABC networks also have Nascar, as does Time Warner Inc. (TWX:US)’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:US), operator of the Dayton International Speedway, gained 3 percent to $25.66.

To contact the reporter on this story: Andy Fixmer in Los Angeles at afixmer@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net


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Companies Mentioned

  • NWSA
    (News Corp)
    • $15.99 USD
    • -0.35
    • -2.22%
  • DIS
    (Walt Disney Co/The)
    • $87.6 USD
    • -1.43
    • -1.63%
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