- Fox and NBC signed previous extension in 2013
- New rights deal will not contain Xfinity Series
- Mid-season package of races also expected to be carved out
Fox chief executive Lachlan Murdoch has confirmed a new media rights deal with Nascar is imminent.
Speaking on a Q1 2024 earnings call this week, Murdoch revealed that negotiations are approaching a conclusion.
“We're currently in, I think, the final status of a very constructive negotiation for our Nascar renewal,” he said.
“We look forward to continuing that partnership with Nascar. It's been a great partnership for many years. And, obviously, Nascar exceeds our expectations from an ROI point of view.”
The current US$8.2 billion, ten-year agreement with Fox Sports and NBC Sports expires in 2024, and it has appeared clear for some time that the bulk of these rights would be retained by the broadcasters.
The contract is likely to be structured slightly different this time, though. The second-tier Xfinity Series has already been carved out to The CW Network, who signed a seven-year, US$800 million deal for the property.
Nascar is also exploring the creation of a mid-season package of races, which appears of particular interest to Amazon and Warner Bros Discovery (WBD), similar to the six-race package carried by WBD-owned TNT until 2014.
With teams also pushing for a greater percentage of the deal – reportedly up to US$18 million each – it will prove tricky to satisfy all parties.