NASCAR will be seeking a 10% to 15% increase in rights fees for its next long-term media deal, sources tell Front Office Sports.
The stock car racing giant is set to kick off negotiations with incumbent TV partners Fox Sports and NBC Sports in early 2023.
Fox and NBC pay NASCAR a combined $820 million annually under a long-term deal that expires at the end of the 2024 season. NASCAR could seek a combined $900 million to $950 million annually under its next contract, said sources.
As the incumbents, Fox and NBC will get first crack at the rights with an exclusive negotiating window. If no deal is reached, then outside bidders like ESPN, NASCAR’s former TV partner, and streaming giants like Amazon and Apple could join the fray.
NASCAR will likely seek a long-term 8-10-year deal. But it will do so in a tricky, challenging business environment.
Like the NBA, NASCAR may break off an exclusive streaming package. The addition of a streaming partner could help NASCAR boost its overall rights fees.