NASCAR and Fox Sports Media Group recently announced a partnership that will extend their contract for eight years.
The two companies announced a $2.4 billion extension that will run through 2022 and keep the Daytona 500 and the first third of the Sprint Cup Series on the Fox network.
"NASCAR has been in very good hands and has enjoyed tremendous success the last 12 years in large part because of our fantastic partnership with Fox and Fox Sports Media Group," said NASCAR chairman Brian France. "This extension with Fox Sports Media Group helps position the sport for future growth as NASCAR continues to be an anchor with one of the world's largest and most influential media companies."
According to the deal, Fox will get the first 13 Sprint Cup Series races and the entire Camping World Truck Series, paying an average of $300 million annually beginning in 2015. The deal with NASCAR also includes the rights to "TV Everywhere," giving FOX the green light to live stream its races online beginning in 2013 with the season opening Daytona 500.
"This was something that was long overdue," said Steve Herbst, NASCAR's vice president of broadcasting and production. "It services the fans in a way we've never done before, and provides another great way to consume the product. NASCAR is now delivering across every platform."
Fox was forced into a fee increase to NASCAR for the first time in more than a decade. The deal will also place NASCAR in control of negotiations on the remainder of its contract.
According to Herbst, NASCAR is enjoying the position that the sport is in now because it sets the stage for the next series of deals, adding that the fee increase wasn't a surprise to the sports entertainment company.
Fox's announcement of a contract extension with NASCAR comes less than two weeks after they completed an eight-year extension through 2021 with Major League Baseball. The company is increasing its programming in preparation for launching a national all-sports cable network, which is expected to replace the Speed channel, which is dedicated to motorsports.
Brian France also recently announced that he plans on exploring all possibilities to improve the popularity of NASCAR after fans complained about stretches during the racing season, saying the sport would produce better packages and tighter races.