Network 10 has dropped out of bidding to continue broadcasting the Melbourne Cup Carnival after this final year in a $100 million five-year deal.
The network confirmed it declined Tabcorp’s and the Victoria Racing Club’s (VRC) invitation to progress further in the process.
An issue was the event's move to a "wagering-focused" product rather than exciting sporting carnival, more colourful event than betting arena.
Seven West Media and Nine Entertainment are understood to still be in talks for the broadcast rights.
“Network 10 would like to acknowledge the VRC for a successful partnership in broadcasting the Melbourne Cup Carnival to millions of Australians since 2019," the company said.
“When the landmark rights agreement was struck, we saw it as important to engage new, younger and growing audiences to the Carnival and the sport of racing. We achieved this even receiving a recent Logie nomination for the 2022 Melbourne Cup Carnival broadcast for Most Outstanding Sports Coverage.
“Throughout Network 10’s tenure, the Lexus Melbourne Cup has dominated its timeslot for people 16 to 39, with a commercial share ranging between 81.7% and 91.4%.
“Network 10 is proud to have brought the Melbourne Cup Carnival to Australians during two years of COVID-19 restrictions in 2020 and 2021.
“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."
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