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 Ltd having representation,'' TVN chairman Harold Mitchell said.