Churchill Downs dissolves joint venture TrackNet Media

Churchill Downs dissolves joint venture

LOUISVILLE, Ky. — Race track operator Churchill Downs Inc. and property management company MI Developments Inc. said Friday that TrackNet Media Group, a joint venture originally formed between Churchill and Magna Entertainment Corp. will be dissolved.

Churchill Downs and Magna had formed TrackNet in 2007 to make horse racing content available on various platforms.

MI’s subsidiary, MI Developments Investments Inc., succeeded Magna’s ownership interests in TrackNet Media after Magna’s bankruptcy proceedings.

Magna had filed for bankruptcy protection in 2009. It recently won approval of its Chapter 11 reorganization plan, but shareholders appealed the decision.