NBC reportedly retains rights to Preakness Stakes after ‘hard-fought bidding war

Credit: Tommy Gilligan-Imagn Images

The second leg of horse racing’s Triple Crown will stay on NBC.

According to a report by Michael McCarthy in Front Office Sports , the Preakness Stakes will remain on NBC for at least next year after fending off competition from Fox Sports, Netflix, and Amazon. The deal is set to be announced Wednesday at noon ET during a press conference with Maryland Governor Wes Moore.

In retaining rights to the Preakness, NBC will continue broadcasting the first two legs of the Triple Crown, with its media rights deal for the Kentucky Derby running through 2032. Notably, Churchill Downs Incorporated, the commercial entity that operates the Kentucky Derby, announced in April that it had acquired the Preakness Stakes and other associated races at the newly renovated Pimlico Race Course for a price of $85 million. Fox owns rights to the Triple Crown’s third race, the Belmont Stakes, through 2030.

The news comes just days following the announcement of the Thoroughbred Championship Series , a season-long horse racing competition that will include both the Kentucky Derby and Belmont Stakes but not the Preakness. To some, it was seen as the latest blow to the struggling event, which has suffered in recent years as Derby horses increasingly opt to skip the race in favor of the Belmont due to insufficient recovery time. The Preakness, which has traditionally taken place two weeks following the Kentucky Derby, is currently weighing a shift back by one week. The move would require cooperation from the Belmont, which would also have to shift back by one week to maintain a three-week gap with the Preakness.

Preakness viewership has cratered as fewer Derby horses choose to participate in the race. NBC’s audience for the Preakness hasn’t eclipsed 7 million viewers since 2021, a mark that the race had surpassed every single year for at least 20 years prior. Until the scheduling conflict is resolved and Derby horses begin participating in the race again, it’s unlikely those viewership numbers will rebound.

Of course, if McCarthy’s characterization of a “hard-fought bidding war” for Preakness rights is to be believed, that could indicate an understanding among media executives that a schedule change is on the horizon.

For the sake of horse racing fans who want to see the best horses participate in each Triple Crown event, such a change would be welcomed.

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