Nascar has struck new television and streaming rights deals worth $7.7 billion with media partners including Amazon, Warner Bros. Discovery and Fox as interest in the sport grows.
The value of Nascar’s new seven-year deals is 40% higher than its prior arrangements, reports The Wall Street Journal citing a person familiar with the situation.
The new deals, which take effect in 2025 and run through 2031, highlight the wide range of entertainment companies embracing motorsport and the growing popularity of streaming as a way consumers watch races.
Nascar forged new deals with Warner Bros. Discovery’s TNT cable network and Max streaming service, Comcast’s NBC Sports, Fox and Nexstar’s CW Network. Fox and NBC will carry fewer races than they had in the previous deal. The races that they are no longer carrying will be split between Amazon Prime Video as well as TNT and Max.
For Amazon, adding Nascar is the latest evidence of its push into sports as a way to boost the appeal of its Prime Video service. It is already the home of the National Football League’s “Thursday Night Football” package and has expressed interest in National Basketball Association rights whose current deals with Disney’s ESPN and TNT expire after the 2024-2025 season.
Warner is also seeking to use sports to help its Max direct-to-consumer platform. Its deal with Nascar will allow it to carry races on both TNT and Max. Earlier this year, Max started carrying basketball, Major League Baseball and National Hockey League games that are on TNT.
For TNT, the Nascar deal also could help it fill the void if it doesn’t reach a deal to renew its package of NBA games or if it carries fewer games under its next deal.
Negotiations for the NBA are expected to heat up in the next several months. Besides Amazon, NBC has also expressed interest in getting a package of games. Apple, which already carries baseball and Major League Soccer, is another potential bidder for NBA games.
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