Broadcaster TVN will control the media rights for NSW and Victorian thoroughbred clubs in a landmark deal for Australian racing.

A formal agreement to aggregate the media rights of all thoroughbred clubs in Australia's two strongest racing states was signed on Monday.

Under the agreement, TVN will hold the rights to broadcast thoroughbred racing in NSW and Victoria until 2028.

The deal will result in board and management changes at TVN.

"A new board and management structure will be established for the restructured TVN, with both Racing NSW and Racing Victoria having representation on the board," TVN chairman Harold Mitchell said.

"The current board will step down at an appropriate time in the New Year, when a new board will be formed."

Mitchell said the aggregation of the media rights would provide stability for racing's future.

"There are expanding opportunities for TVN's premium Australian racing product internationally, particularly in the Asian time zone," he said.

"The exploitation of these aggregated media rights will now ensure that the financial returns to thoroughbred racing are maximised.

"This was the reason TVN was created."

Racing NSW chairman John Messara said the agreement would allow racing to showcase itself "in an optimal fashion".

"While we have taken considerable time to finalise these important arrangements, the racing industry can be assured that we are united in our quest to fully exploit racing's valuable media assets in the best interests of our wonderful industry," he said.