DAYTONA BEACH, Fla.,
Aug. 27, 2014 /PRNewswire/
-- International Speedway Corporation (NASDAQ Global Select
Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") today provided
additional details on NASCAR's domestic broadcast rights contracts
for its Sprint Cup, Nationwide and Camping World Truck series
beginning in 2015, as well as changes to its NASCAR calendar of
events for 2015.
In August 2013, NASCAR finalized
multi-platform broadcast rights agreements with NBCUniversal
("NBC") and Fox Sports Group ("FOX") for 10 years, beginning in
2015 through the 2024 season, for the broadcast and related rights
for NASCAR's three aforementioned national touring series. The
agreements include Spanish-language rights and 'TV Everywhere
rights', which will allow NASCAR content to stream over the
broadcasters-affiliated websites.
Based on information received during sanction agreement
negotiations with NASCAR, ISC's contracted TV broadcast revenues
under these new contracts beginning in 2015 will increase to
approximately $316 million, or 3.8
percent. ISC's contracted TV broadcast revenue for 2014,
under the existing contracts expiring at the end of the 2014 race
season, are expected to total $304
million. Further, ISC's rights revenues under the new
contracts are expected to increase between 3 percent and 5 percent
over the 10-year contract term, at an average of 3.9 percent.
The net broadcast revenue allocation to ISC reflects no change
in the historic participation between stakeholders in the sport's
only shared revenue model: 65 percent to promoters; 25 percent to
race teams paid through prize and point fund monies; and 10 percent
retained by NASCAR.
"Broadcast rights represent ISC's largest revenue segment and
these recent deals provide us the long-term visibility to continue
investing in our business to the benefit of our fans, partners and
local communities while continuing to build shareholder value,"
stated ISC Chief Executive Officer Lesa
France Kennedy. "We are poised to elevate ISC and the
sport by having two of the world's largest media companies – NBC
and FOX – promote NASCAR."
The following NASCAR schedule changes will impact the Company's
calendar of events for 2015:
- The spring NASCAR Sprint Cup weekend events at Phoenix
International Raceway will be held two weeks later in March on the
2015 race calendar, moving from the second race weekend in 2014 to
the fourth race weekend in 2015;
- The Chicagoland Speedway NASCAR Nationwide weekend events
conducted on the third weekend of July in 2014 will be held on the
third weekend of June in 2015;
- The Coke Zero 400 Sprint Cup event at Daytona International
Speedway will be conducted on Sunday night of the Fourth of July weekend for 2015;
- The Darlington Raceway Sprint Cup weekend events will move from
the eighth race weekend in 2014 to the twenty-fifth weekend
(Labor Day) in 2015; and
- The fall Kansas Sprint Cup weekend will move from the thirtieth
race weekend in 2014 to the thirty-first race weekend in 2015.
"We are excited about NASCAR's 2015 schedule, particularly moves
for Phoenix and Darlington dates,"
stated ISC President John Saunders.
"While the Coke Zero 400 Powered by Coca-Cola will change to
Sunday, July 5, 2015, this will mark
the kick-off event of NBC's return to NASCAR as well as the debut
of several new elements of DAYTONA Rising at Daytona International
Speedway – 50,000 new grandstand seats along the frontstretch,
vertical transportation, concessions, restrooms and social areas."
Management will provide its perspective on the 2015 media rights
revenues and benefits of schedule changes on its third quarter
earnings conference call.
International Speedway Corporation is a leading promoter of
motorsports activities, currently promoting more than 100 racing
events annually as well as numerous other motorsports-related
activities. The Company owns and/or operates 13 of the
nation's major motorsports entertainment facilities, including
Daytona International Speedway® in Florida (home of the DAYTONA 500®); Talladega
Superspeedway® in Alabama;
Michigan International Speedway® located outside Detroit; Richmond International Raceway® in
Virginia; Auto Club Speedway of
Southern CaliforniaSM
near Los Angeles; Kansas Speedway®
in Kansas City, Kansas; Phoenix
International Raceway® in Arizona;
Chicagoland Speedway® and Route 66 RacewaySM near
Chicago, Illinois;
Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in
Virginia; Darlington Raceway® in
South Carolina; and Watkins Glen
International® in New York.
The Company also owns and operates Motor Racing Network, the
nation's largest independent sports radio network, and Americrown
Service CorporationSM, a subsidiary that provides
catering services, food and beverage concessions, and produces and
markets motorsports-related merchandise. In addition, the
Company has a 50 percent interest in the Hollywood Casino at Kansas
Speedway. For more information, visit the Company's Web site
at www.internationalspeedwaycorporation.com.
Statements made in this release that express the Company's or
management's beliefs or expectations and which are not historical
facts or which are applied prospectively are forward-looking
statements. It is important to note that the Company's actual
results could differ materially from those contained in or implied
by such forward-looking statements. The Company's results could be
impacted by risk factors, including, but not limited to, weather
surrounding racing events, government regulations, economic
conditions, consumer and corporate spending, military actions, air
travel and national or local catastrophic events. Additional
information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is
contained from time to time in the Company's SEC filings including,
but not limited to, the 10-K and subsequent 10-Qs. Copies of those
filings are available from the Company and the SEC. The Company
undertakes no obligation to release publicly any revisions to
these forward-looking statements that may be needed to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. The inclusion of any statement
in this release does not constitute an admission by International
Speedway or any other person that the events or circumstances
described in such statement are material.
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SOURCE International Speedway Corporation