Fox, NASCAR Finalize Eight-Year Extension Of TV Rights Agreement Through '22
Fox and NASCAR have "finalized an eight-year extension of their TV rights agreement, ensuring that Fox will continue to air the Daytona 500 and first half of the NASCAR season" through '22, according to Ourand & Mickle of the SPORTSBUSINESS JOURNAL. Sources valued the deal at more than $2.4B, a "sizable increase" from Fox’ current eight-year, $1.76B agreement. The net’s extension "will see it retain the broadcast rights for 13 NASCAR Sprint Cup Series races and the entire Camping World Truck Series." The deal also "includes TV Everywhere rights, which will allow Fox to stream its races to a Fox Sports-affiliated website." The streaming rights have "become a standard part of media deals." This marks "the first increase Fox has paid in more than a decade for NASCAR rights." Beginning in '15, its average rights fee to NASCAR "will jump" from the $220M it has paid annually since '01 to more than $300M. The deal marks a "healthy annual increase for NASCAR and continues to prove the value of live sports programming." NASCAR "won’t begin negotiations on rights for the second half of its season until next summer." But NASCAR will now "use its increase with Fox as a benchmark in its negotiations with ESPN and Turner, setting itself up for significant increases" (SPORTSBUSINESS JOURNAL, 10/15 issue).