The Chairman of TVN, Harold Mitchell AC, today announced that a formal agreement has been executed between TVN and the NSW and Victorian thoroughbred racing industries, in regards to the aggregation of the media rights of all thoroughbred racing clubs in Australia’s two premier racing states.
The landmark agreement, foreshadowed by the Chairman of TVN in June this year, has been the subject of extensive due diligence and shareholder and Racing NSW regulatory approvals.
Harold Mitchell said: “TVN now holds the rights for Australia’s premium racing content, that being Victorian and NSW thoroughbred racing, until 2028.
“This decision is the culmination of almost eight years of work by the TVN Board and management, in conjunction with its shareholder clubs in NSW and Victoria.
“More recently, the involvement and support of the governing bodies, Racing Victoria and Racing NSW, has been vital to achieving this outcome.
“A new Board and management structure will be established for the restructured TVN, with both Racing NSW and Racing Victoria having representation on the Board.
“The current Board will step down at an appropriate time in the New Year, when a new board will be formed.
“The decision to aggregate the NSW and Victorian rights is clearly a significant step taken by racing and it will underpin the future stability and growth of the sport.
“There are expanding opportunities for TVN’s premium Australian racing product internationally, particularly in the Asian time-zone.
“The exploitation of these aggregated media rights will now ensure that the financial returns to thoroughbred racing are maximised. This was the reason TVN was created.”
Racing NSW Chairman, John Messara AM, commented on the announcement: “A restructured TVN brings together the NSW and Victorian racing industries in the most meaningful partnership in each of our long histories.
“The new structure will ensure that TVN showcases our racing product in an optimal fashion under new advertising and editorial policies.
“While we have taken considerable time to finalise these important arrangements, the racing industry can be assured that we are united in our quest to fully exploit racing’s valuable media assets in the best interests of our wonderful industry.”
Racing Victoria Chairman, Michael Duffy, said: “Today’s announcement vindicates those who have believed in the principles behind the initiative to form TVN years ago.
“As an original member of the TVN Board, I have seen TVN develop from a concept, to a fledgling television channel, to today when it is a multi-media sporting business offering print, television, digital and mobile services.
“The basic principle behind TVN has always been that racing must control its own media assets. As a result of today’s announcement, the Victorian and NSW thoroughbred racing industries have achieved that outcome.”
Source : Racing NSW