The Seven Network and Foxtel have won the bidding war for cricket's TV rights, ending the four-decade relationship between the sport and the Nine Network.
Seven West Media confirmed on Friday that it and Foxtel had won the rights to Australian international cricket matches, with contracts being finalised by the afternoon.
The deal is understood to be worth more than $1 billion and covers six years.
Conceding defeat, Nine said it is "immensely proud" of its long association with the sport and wished Cricket Australia (CA) and its new broadcast partners well, while CBS-owned Ten said it is disappointed that its bid had been rejected.
Nine said while it would not have Australian international matches from next summer, the rights loss would have no impact on its 2018 financial results.
The network said it could not indicate whether there will be an impact on its results in 2019.
After dropping in early trade Nine shares were one cent higher at $2.26 at 1348 AEST but Seven West shares were 10.1 per cent higher at 56.75 cents.
Under the deal it is expected Foxtel will have exclusive rights to some Big Bash League (BBL) matches while simulcasting tests and limited overs matches.
Nine's loss of cricket comes after it won Australian tennis broadcasting rights in a $300 million coup, ending Seven's four-decade hold on televising the Australian Open.
Director of sport at Nine Tom Malone said the decision not to increase its initial bid for cricket tests was not taken lightly given Nine's strong history with cricket.
"However, when viewed through the prism off what's the best decision for our business, it was straight forward," Mr Malone said in a staff email.
Cricket will continue on Nine for now with deals in place covering the next Ashes series from England in 2019, the ODI World Cup in the UK in the same year and the T20 World Cups to be held in Australia in 2020.
"Our focus remains on the cross platform opportunities in front of us and finding the best ways to continue to create value for our shareholders in the future," Nine said on Friday.
Ten, which entered a joint bid for the cricket rights with Nine a fortnight ago, said it is proud of its work on the BBL and Women's BBL.
"Network Ten turned the Big Bash League into the television phenomenon it is today and one of the most popular sports in Australia, a sport that all Australians were able enjoy for free," the CBS-backed broadcaster said in a statement.
"We had planned to extend that innovation to other forms of the game."
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