The average annual value of the deals, including the previously announced CW deal, is $1.1B per year, which represents about a 40% increase over NASCAR’s current deals.
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The 40% increase represents a big win for the racing circuit, especially given the tightening of the marketplace around sports media rights caused by cord-cutting and cord shaving.
NASCAR execs said the drawn-out negotiations, which started earlier this year, took longer than expected. But NASCAR President Steve Phelps said the deals will position the racing circuit well amid the upheaval in the media business.
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In an attempt to alleviate the problems of convincing fans to navigate at least five different channels and sites to watch races, NASCAR convinced the media companies to cross promote races that appear on other channels.