Track owners to partner in TV venture

Churchill Downs and Magna Entertainment Corp., the two biggest North American racetrack owners, Monday announced an agreement to partner in television, simulcasting and advance deposit wagering in a joint venture called TrackNet Media.

As part of the deal, Churchill Downs has bought a 50% interest in HorseRacing Television, which means that races from Churchill-owned tracks will be available on HRTV, which has not previously been the case.

When Churchill Downs begins its spring meet on April 28, the races will be on HRTV. Currently, HRTV is televising races from Magna-owned tracks such as Santa Anita, Gulfstream Park and Laurel.

Churchill had been a partner with Television Games Network, but their talks on a new contract ended last month. Existing contracts between TVG and Churchill-owned tracks such as the Fair Grounds in New Orleans, Calder (near Miami) and Arlington Park in Chicago will expire in the coming months, after which the races from those venues will be shown on HRTV.

In a release, Churchill Downs and Magna listed four objectives they hoped to accomplish with their partnership. They were promoting a competitive business environment where racing is easily available through a wide variety of distribution points and wagering platforms; fostering an environment to help the industry in North America; improving wagering integrity and security; and better benefiting the tracks and horsemen.

“To better serve our customers and grow the financial return for our horsemen, Magna Entertainment and Churchill Downs believe the time has come to make our simulcast content available through as many trusted and eligible distribution platforms as possible,” Michael Neuman, Magna’s chief executive, said in a statement. “In doing so, we can maximize the content available to customers and the revenue available to the horsemen and racetracks who create the industry’s content.”

Churchill is also developing its own advance wagering deposit system. In the release, the company said www.twinspires.com would begin later this year. The website will allow fans to watch and wager on races from Magna and Churchill-owned tracks, as well as other tracks made available through future agreements.

bob.mieszerski@latimes.com