TVG, the Betfair subsidiary that is the leading horse racing television network in the United States, has agreed to acquire its top competitor, HRTV, RTT News reports.
According to the article, the television operations of HRTV, which is owned by the Stronach Group, would be combined with Betfair TVG’s existing operations. Betfair will own 100 percent of the combined company.
As part of the deal, TVG has purchased seven years’ worth of broadcast rights to tracks owned by the Stronach Group, including Laurel Park and Pimlico, as well as Santa Anita, Gulfstream, and Golden Gate Fields. That could lead to broader distribution of the signals of Stronach Group tracks. HRTV reportedly was available in 19 million homes, while TVG reaches an estimated 35 million homes.
According to RTT News, Betfair will make an initial payment of $25 million and expects to make additional payments “totaling $47.8 million over the 7-year period, though the total consideration is dependent on TVG’s future handle.”
The Stronach Group will retain ownership of its online wagering company, Xpressbet.