NASCAR and Fox Sports Media recently announced that they've signed an eight-year extension deal that will run through 2022, keeping the Daytona 500 and first third of the Sprint Cup Series on the Fox network.

The deal will also include a 33 percent annual fee hike for Fox, which has been airing NASCAR races since 2001, paying an average of $300 million annually beginning in 2015.

Fox has two remaining seasons with NASCAR, but the deal was put together during an early negotiating window, allowing Fox to get the first 13 Sprint Cup Series races and the entire Camping World Truck Series under the deal.

"NASCAR has been in very good hands and has enjoyed tremendous success the last 12 years in large part because of our fantastic partnership with Fox and Fox Sports Media Group," said NASCAR Chairman Brian France. "This extension with Fox Sports Media Group helps position the sport for future growth as NASCAR continues to be an anchor with one of the world's largest and most influential media companies."

The deal also gives NASCAR inclusion of "TV Everywhere" rights, which will give Fox the ability to stream its races online beginning in 2013 when the season opener of Daytona 500 will occur. Fox will also be given the green light to stream  pre- and post-race coverage, race highlights and in-process race highlights.

"This was something that was long overdue," said Steve Herbst, NASCAR's vice president of broadcasting and production. "It services the fans in a way we've never done before, and provides another great way to consume the product. NASCAR is now delivering across every platform."

Fox had to pay a fee increase for the first time in more than a decade, placing NASCAR in a position of power for negotiations on the remainder of its contract.

ESPN and Turner hold the rights on the remainder of the schedule through 2014, holding off exclusive negotiations with NASCAR until the beginning of next summer.

The deal could also be a part of France's efforts to increase the performance and popularity of NASCAR, considering fans have complained in the past several months about the speed of the sport.