In a story first broken by Boxing Scene, whose details were reported by ESPN, the 28-year-old Alvarez has signed a 5 year contract with streaming sports network DAZN which will pay him a whopping $365 million for the broadcast rights to his next 11 bouts.
The richest contract in sports history now belongs to a boxer.
Canelo's first fight on DAZN will occur on December 15, when he battles Rocky Fielding inside Madison Square Garden in New York City.
"Canelo is the highest-paid athlete in the world".
A massive moneymaker when he fought on pay-per-view, Alvarez will be able to be seen for much cheaper through the subscription service that launched in the U.S.in September and now features perhaps the two biggest figures in boxing in Alvarez and heavyweight champion Anthony Joshua. "That was the most important thing, more important than what I am making".
Alvarez's fights have always been shown on HBO thanks to the premium cable network's agreement with Oscar De La Hoya's Golden Boy Promotions.
"I've always liked a challenge, and this is yet another challenger in my career", Alvarez said.
"At the same time, I am humbled to be selected to lead this new vision for the sport of boxing, which will without a doubt be for the benefit of the fans".
That may prove problematic for fighters who have deals with other broadcasters. However, his fights on DAZN will not be part of a pay-per-view deal but will instead be accessible to viewers who pay $9.99 a month for a streaming service showing a package of combat sports.
The DAZN-Golden Boy deal includes a large production element, which places Oscar De La Hoya as Executive Producer of the 12 live fight nights annually. I am very grateful to HBO and to Showtime for what they did for my career, but I am happy we're moving forward and that I will be able to fight on a platform that is the future.
"This is easily one of the best days in the growing history of Golden Boy Promotions", said De La Hoya, speaking to ESPN.