Betfair's TVG Buys HRTV

Online sports betting firm Betfair Group plc's (BET.L) subsidiary, TVG, has acquired the HRTV horseracing television network from The Stronach Group. As a result, TVG currently has long-term television rights to the racecourses owned and operated by the Stronach Group.

The television operations of the Stronach Group's HRTV would be combined with Betfair's TVG network. Following this, Betfair would hold 100% of the equity in the unified television platform. TVG has purchased broadcast rights to all races from Santa Anita, Gulfstream Park, Pimlico, Golden Gate Fields and Laurel Park for a 7-year term, according to the acquisition.

Acquiring HRTV and thereby securing these long-term rights strengthens TVG's ability to drive incremental wagering on its advanced deposit wagering platform and is likely to lead to additional advertising and distribution opportunities, Betfair added.

Betfair would make an initial payment of $25 million and expects that it would pay further consideration totaling $47.8 million over the 7-year period, though the total consideration is dependent on TVG's future handle.

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