Churchill Downs Inc. and MI Developments said May 14 they will dissolve TrackNet Media Group, a company formed to address signal pricing and distribution.
The two companies will remain partners in HRTV, the network that televises horse racing and related programs.
After a transition period, the two companies will go back to selling their own content to “unrelated third-party wagering platforms,” according to a release.
When TrackNet Media was formed, CDI and Magna Entertainment Corp., which has sold major assets to parent company MID as part of bankruptcy reorganization, said the deal was for at least three years.
“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,” CDI president and chief executive officer Bob Evans said in a statement. “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.
“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.”
Evans said TrackNet Media “has accomplished all that can be expected of it.”
Said MID CEO Dennis Mills: “Clearly, the horse racing industry has changed substantially over the last three years since TrackNet Media’s formation and, as we look forward, we see many new challenges and opportunities ahead. MID remains committed to the four primary objectives set at the time of TrackNet Media's formation. We look forward to working with the racing industry to further those objectives.
“We also look forward to continuing to work with CDI on our HRTV joint venture and with other industry leaders on the numerous issues facing our industry today.”
TrackNet Media was formed to expand wagering content, foster innovation, enhance wagering security and integrity, and encourage growth in wagering via content.