NBC Extends Rights to Kentucky Derby

NEW YORK (TheStreet) -- Churchill Downs(CHDN) and NBC Sports, which is owned by General Electric(GE), have agreed on a five-year contract that will extend the network's exclusive rights to air the Kentucky Derby.

Financial terms of the agreement were not disclosed, but Business Daily reported that the deal could be worth up to $5 million a year.

Last year an average of 16.5 million viewers watched the Kentucky Derby, making it the most-watched derby since 1989.

"Together, NBC and Churchill Downs have changed the presentation of horse racing on TV, and it paid off earlier this year with 16.5 million viewers," Churchill Downs president Bob Evans said in a statement. "We're excited to continue our relationship and build upon the momentum we've created over the past several years. NBC's combination of world-class sports programming and a spectrum of news and entertainment assets make it an ideal partnership for Churchill Downs."

The agreement includes rights to the Kentucky Derby's sister race, the Kentucky Oaks, and coverage of the Kentucky Derby Red Carpet.

"I don't think America truly moves to springtime until the first Saturday in May," said Dick Ebersol, chairman of NBC Sports. "I am delighted that we will be bringing this iconic American event to homes across America for five more years."

-- Written by Theresa McCabe in Boston.

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