- News Corp NWSA and Seven West Media Ltd WANHY extended a seven-year contract worth a whopping A$4.5 billion ($3.1 billion) to retain the television broadcast rights for Australian Rules Football, Bloomberg reports.
- The contract will run from 2025 until 2031, covering Australia's most watched sport with its grand final, the highest-rated broadcast in the past two years.
- More than A$640 million a year dwarfs the recent deal for National Rugby League matches. Nine Entertainment Co. Holdings Ltd NNMTF won those rights in December for A$115 million yearly from 2023 to 2027.
- The News Corp.-led bid beat out separate proposals from rival U.S. broadcaster Paramount Global PARA and local network Nine.
- News Corp will hold the subscription television rights via Foxtel, which it owns with Australian telecom firm Telstra Corporation Ltd TLSYY. Seven will retain the free-to-air broadcast rights. The two companies have been the exclusive broadcasters of AFL since 2011.
- SWM will pay a 14% increase on the 2024 rights in 2025.
- Leading streaming companies ranging from Netflix, Inc NFLX to Walt Disney Co DIS focused on winning rights to broadcast popular sports to grow subscribers.
- Price Action: NWSA shares traded lower by 2.13% at $16.10 in the premarket on the last check Wednesday.
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