TVN chief executive Bruce Mann stood down on Friday as the board announced "significant progress has been made in reaching a separation agreement" between the shareholders.
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Mann sent an email to employees informing them that he would leave immediately after TVN informed Telstra subscribers that the Racing Network website subscription would be discontinued on March 15.
It would appear that would be the final date for the operation of the premium thoroughbred television station and its associated website, but at least one shareholder's board still has to meet to approve the separation agreement. The VRC board is due to meet on Tuesday.
TVN is half owned by the Australian Turf Club with the other half split equally between the three Melbourne metropolitan race clubs and Country Racing Victoria. It announced in December there would be an amicable split after years of deadlock of racing broadcast rights.
The decision means NSW and Victoria are each responsible for the distribution of their broadcast and digital media rights after TVN is wound up.
NSW already has a heads of agreement in place with Tabcorp-owned Sky Channel for all of its TAB meetings, believed to be valued at $25 million, but still holds digital rights. Victoria is still negotiating a deal for its vision and digital rights.
TVN stated in a media release there would more information on the separation agreement next week, and reiterated all commercial obligations would be met and employees would receive their entitlements.
