Churchill Downs Incorporated And MI Developments Inc. Announce Dissolution Of TrackNet Media Venture
Churchill Downs Incorporated (NASDAQ: CHDN) (“CDI”) and MI Developments Inc. (TSX: MIM.A, MIM.B; NYSE: MIM) (“MID”) today announced that the joint venture TrackNet Media Group (“TrackNet Media”), originally formed between CDI and Magna Entertainment Corp. (“MEC”), will be dissolved. CDI and MID’s wholly owned subsidiary MI Developments Investments Inc. will remain partners in HorseRacing TV™ (HRTV). MI Developments Investments Inc. is the successor in interest to MEC’s ownership interests in TrackNet Media and HRTV pursuant to the final resolution of MEC’s federal bankruptcy proceedings.
When TrackNet Media was formed in March 2007, MEC and CDI established four primary objectives for the entity:
1. Foster an open and competitive business environment where horse racing content is readily available to customers through a wide variety of distribution points and wagering platforms;
2. Create an innovation-based environment of sustainable growth for the North American horse racing industry domestically and internationally;3. Enhance wagering integrity and security to address horse racing signal piracy and ensure content creators are compensated; and 4. Benefit the horsemen and racetracks that together create racing content through new industry growth. For a copy of the press release announcing TrackNet Media’s formation, see http://sec.gov/Archives/edgar/data/20212/000002021207000010/0000020212-07-000010-index.htm. CDI Chief Executive Officer Bob Evans noted, “Three years after we formed TrackNet Media, we believe we have largely achieved our goals, including an ‘open content’ environment where ADW operators now compete for customers based on features and value instead of exclusive access to content. This has led to new online options for wagering, blogs, wagering tools, sign-up offers, streaming video and an explosion in online contests for customers – and has helped produce meaningful growth in the ADW segment even while overall wagering has declined with respect to North American Thoroughbred racing. Furthermore, TrackNet Media developed integrity and security processes and standards, monitored compliance with these standards, and required many of the significant purchasers of TrackNet Media content to complete rigorous compliance reviews led by the independent Thoroughbred Racing and Protection Bureau. We intend to continue these compliance efforts going forward in coordination with the TRPB. We are proud of the TrackNet Media team’s record and feel it has accomplished all that can be expected of it.”
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