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.
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