Network TEN has landed the rights to the Melbourne Cup Carnival from 2019, outbidding Seven & Nine networks in the process.
It will end Seven’s grip on the horse race for the first time since 2002.
The Australian reports TEN has agreed to pay $5-10 million annually, in a coup for its sports after losing the Big Bash League.
Seven has indicated it was outbid and confirmed it will no longer host the event from next year.
“We are proud of our award-winning racing coverage, but as we have consistently said about the economics of sports rights, the deal must make commercial sense or we will step away,” a spokesperson said.
“While another party has placed a far higher valuation on these four afternoons of television, we will do what is financially responsible and right for our shareholders.”
Seven still has key horseracing events including the Sydney Autumn Racing Carnival, the Caulfield Cup and Caulfield Guineas, Cox Plate, The Everest, Magic Millions Raceday and a Racing.com channel with the VRC.
This post updates.