V8 Supercars Signs New TV Deal

Australia's Ten Network has "snatched the broadcast rights for the V8 Supercars from Seven Network in a stunning coup," according to Darren Davidson of THE AUSTRALIAN. Ten will take over the TV rights after the current two-year deal expires in Jan. 15. V8 Supercars confirmed the record A241M deal ($214M) deal with Ten, Fox Sports and pay-TV provider Foxtel. The agreement starts in '15 and covers all media rights consisting of A$196M cash and A$45M advertising. The move "will shock" industry execs as Seven was "widely expected to retain the rights." Seven execs had been confident of agreeing a new deal beyond Jan. 15. Seven issued a statement in which it said it offered a "substantial increase on the current rights agreement." The statement read, "V8 Supercars declined to build on this relationship beyond 2014" THE AUSTRALIAN