Ten withdraws Melbourne Cup broadcast bid
Network 10 has pulled out of the Melbourne Cup broadcast bid as it sets to conclude a five-year relationship with the event.
The Paramount-owned network said in a statement today that it has “declined Tabcorp’s and the Victoria Racing Club’s (VRC) invitation to progress further in the process”.
Before Ten acquired the broadcast rights of the Melbourne Cup in 2018 for reportedly more than $100 million, Seven had held the rights since 2002.
Seven West Media is bidding to secure the broadcast rights again this time against the only opponent now left, Nine Entertainment Co.
“Network 10 is proud to have brought the Melbourne Cup Carnival to Australians during two years of COVID-19 restrictions in 2020 and 2021,” the statement read.
“Throughout the course of the current negotiations, it became clear that the nature of the agreement between Tabcorp and the VRC would require a move towards a core racing and wagering-focused broadcast product.
“Given this likely change in focus combined with commercial constraints of the future agreement, Network 10 considered the preferences of its viewers and advertisers, and politely declined to move forward with the process.”
The network will still broadcast the 2023 Melbourne Cup, which will be held on 7 November.
The Melbourne Cup is covered under Australia’s anti-siphoning law, which requires the event to be broadcast on free-to-air networks. The wagering company Tabcorp, which looked to scoop up all of the Cup’s broadcast rights, has been trying to sublicense the domestic deal to a free-to-air network since May.
According to The Australian Financial Review, Tabcorp proposed a 50% share of all wagering advertising during the four-day carnival, while VRC wanted control over production and commentary of the race.
It is understood that there were concerns among networks about non-wagering commercial partners’ sentiment and access to key audiences.
The loss of the Melbourne Cup has left Ten with even fewer sports codes than its free-to-air rivals, with its current roster featuring Formula 1 and the A-Leagues.
If 10 have a strategy, I can’t see it.