Editor’s note: This article was written by Adam Stern and first appeared in Sports Business Journal, the industry’s leading source of sports business news, events and data.
In the market at a challenging time for traditional media companies, but a resurgent time for motorsports properties, IndyCar says it is seeing good interest in its media rights that are currently controlled by NBC Sports.
Using a football analogy, Mark Miles, president and CEO of IndyCar parent company Penske Entertainment Corp., said the series is “on the 50-yard line” of its ongoing talks, adding that Penske executives are pleased so far.
IndyCar makes about $20 million annually in gross rights fees from NBC, and a three-year extension that began in 2022 expires after this year. IndyCar switched to having its rights fully with NBC beginning in 2019 after a longtime relationship with ABC/ESPN.
According to a person familiar with the matter, companies that have held discussions with IndyCar include NBC; Nexstar Media Group network The CW; Fox Sports; and Apple. The series is seeking an increase in its rights fee, but it does so at a time when media companies are being increasingly careful about their spending. Still, several recent sports properties have earned increases in their rights, giving IndyCar hope.
IndyCar is consulting with Endeavor’s IMG and WME Sports on the talks. Nexstar and Fox had no comment when contacted. NBC and Apple did not provide a comment by presstime.
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“It’s about expectations — overall, they’ll do fine,” said Dan Cohen, executive vice president of global media rights consulting for Octagon, which is not involved in the negotiations. Cohen predicted that IndyCar won’t take a step backward in rights fees but said it could ultimately be flat to mildly up.
“The tailwind is a resurgence in interest across…
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