Through the new agreement Premium TV, which is a wholly owned subsidiary of telecommunication firm NTL Europe, will now hold the exclusive live and delayed internet and mobile rights as well as delayed media rights for Newcastle United until 2021.
The length of the deal is subject to options for Newcastle United to buy Premium TV's shares in the joint venture for £4.5million in 2007, rising to £9m by 2012.
Effectively the restructuring of the venture sees Premium TV hand back the right to retain 100 percent of the income of the live TV and radio rights for matches that Newcastle United
have the ability to sell.
In other words the revenue derived from rights for UEFA Cup home matches, Champions League qualifying round home matches, and friendly home matches will pass back to the club.
Live TV and radio rights such as all Premier League, FA Cup, Carling Cup, and Champions League were not held by the joint venture to begin with as these are controlled centrally by the relevant competition organiser.
The amendments effectively refocus the venture on Premium TV's core strengths enabling the company to build on its broadband Internet and mobile subscriber base of over 5,000 NUFC fans within the PTV Network.
Premium TV also retains the exclusive right to operate a Newcastle United television channel.
As well as focusing on the joint venture's core proposition, Premium TV has concluded the reimbursement of a significant sum from Newcastle United as part of the restructuring, providing a major boost to the media company's funding.
Freddy Shepherd, chairman of Newcastle United, commented: "The revised terms of the agreement will reduce the costs to Newcastle United of operating the joint venture, while providing significant potential upside from Newcastle United's rights to exploit live television and radio broadcasting of future games."
Rod Henwood, chief executive of Premium TV added: "This revised agreement is good news for Premium TV. It cements our relationship with Newcastle United and ensures that we have commercially viable arrangements going forward."
The arrangement with Newcastle follows a similar revamp last week of Premium TV's relationship with Aston Villa which also led to a significant reimbursement of monies.
Premium TV operates 80 football club websites for 80% of Premier League, Football League and Scottish Premier League football clubs
