"With the inclusion of Churchill Downs-owned racing content on HRTV, this television channel becomes a significant destination for horse racing fans," said Magna Chief Executive Officer Michael Neuman. "With Magna Entertainment and Churchill Downs serving as anchor tenants, HRTV represents a subscriber acquisition opportunity for carriers and a distribution opportunity for content providers to consider as their television rights become available."

Magna Entertainment's parent company, Magna Corporation, owns several racetracks, including Santa Anita Park, Gulfstream Park and Pimlico Race Course.

Churchill Downs is the home of the $2 million Kentucky Derby, the first jewel in thoroughbred racing's Triple Crown. Until recently the racetrack offered its races on TVG television.

HRTV will also broadcast racing from the Fair Grounds in New Orleans, Arlington Park in Chicago, and Calder Race Course in Florida, all owned by Churchill Downs.

The main purpose of the agreement is to broaden the appeal of horse racing to the public and pursue industry growth.

"We believe the business initiatives we're launching will benefit customers in many ways, including the optimal distribution of simulcast content originating from Churchill Downs and Magna Entertainment owned racetracks to other tracks, OTBs, casinos and ADW (advance deposit wagering) providers," said Churchill Downs' President and Chief Executive Officer Robert L. Evans.