Sky Television has confirmed is has reached an agreement on a broadcasting deal with the New Zealand, Australian, South African and Argentinian Rugby Unions.
The agreement extends its coverage all Investec Rugby Championship, Steinlager Series, Investec Super Rugby, Mitre 10 Cup and all New Zealand's other domestic competitions for five years until 2025.
NZ Rugby will take a 5 per cent stake in Sky as part of the deal. Sky spokeswoman Chris Major declined to confirm media reports that the deal was worth $400 million, but said it represented a "record investment by Sky in New Zealand and SANZAAR rugby".
Because the deal is worth more than $235 million, shareholder approval will be required for the deal, with a vote to take place at Sky's annual meeting on Thursday.
NZ Rugby's decision to take a 5 per cent stake in Sky recognised "the increased alignment and strengthened relationship between Sky and NZR and their mutual support for one another and shared commitment to develop and promote the game", Sky said in a statement to the NZX.