The companies have concluded a new agreement with Major League Baseball (MLB) that extends their current deal, which expires next year. Sources valued the new deal at between $6.4 billion and $7.4 billion, Reuters noted.
In order to keep baseball on its network, Fox Sports will reportedly pay between $500 million and $600 million annually. Turner Broadcasting will pay between $300 million and $325 million a year.
The new agreement commences in 2014 and runs for eight years. Playoff series games will be broadcast on both Fox Sports and Turner, as well as the MLB Network. Fox Sports will broadcast the World Series and All-Star Game.
Shares of both News Corp. and Time Warner rose more than 1% in Wednesday morning trading.