The stock price of 21st Century Fox fell on Wednesday, a day after the U.S. soccer team was ousted from the 2018 FIFA World Cup event to be held next year in Russia.
Whether through rank incompetence or sheer corruption, when FIFA awarded Qatar the rights to host the 2022 World Cup it effectively cost itself millions in future TV fees and all but guaranteed that Fox and Telemundo would both make a tidy profit on the 2026 tournament. In a document released today, international soccer’s governing body effectively owned up to the fact that it all but gave away the rights to the 2026 World Cup to avoid getting dragged into court by Fox.
FIFA announced today that it has extended U.S. media rights agreements with Fox and NBC’s Universal’s Telemundo through the 2026 World Cup. No financial figures were released.