As players for Richmond and Collingwood ran onto the field to recommence the 2020 season, Seven announced details of a revised broadcast contract with the AFL.
The revised deal will see a reduction in payments to the AFL across the remainder of the 2020 season, as well as 2021 and 2022.
The new deal also provides Seven an extension of two years for seasons 2023 and 2024.
In a statement to the stock exchange, Seven West Media indicated it expects to derive $87m in net benefits over the existing contract period (2020-2022) in media rights reduction, production savings and other benefits.
TV Blackbox understands Foxtel has also secured a reduced payment deal with the AFL. However, at this stage it has been unable to negotiate an extension to its broadcast deal which will expire in 2022. Late last month Foxtel negotiated an extension to its NRL agreement until 2027.
Foxtel had hoped to lock in extended broadcast deals for both codes in a move that would have provided long-term certainty for Fox Sports and Kayo while also locking out international streaming rivals such as Amazon.
SWM Managing Director and CEO, James Warburton said:
“We can’t wait to bring the Footy back to the fans tonight. The AFL and Seven are a core part of each other’s DNA, and we are delighted to have not only reached a revised agreement for the current contract term, but to have extended our relationship for a further two seasons taking the agreement through until the end of 2024.
I’d like to thank AFL CEO Gillon McLachlan and the AFL Commission for their commitment which gives certainty to both parties over the next five years.”
The 2020 AFL season will recommenced with Collingwood and Richmond at the MCG. This will be the first of 16 remaining home and away rounds that will be followed by a four-week finals series, which is scheduled to culminate with the Grand Final on Saturday, October 24.
