John Raoux/Associated Press

Major League Baseball and Fox Sports announced a contract extension Thursday through the 2028 season that includes exclusive television broadcast rights for the World Series and the All-Star Game.

John Ourand of SportsBusiness Daily reported Fox "agreed to an annual percentage increase well into double digits" to keep its MLB coverage beyond the current eight-year agreement, which runs through 2021 and features a $525 million annual payment.

SportsBusiness Journal's Eric Fisher added the deal is worth approximately $5.1 billion.

Along with the Fall Classic and the Midsummer Classic, Fox retains the rights to one League Championship Series and two League Division Series during the playoffs as well as its Saturday doubleheader throughout the regular season.

MLB commissioner Rob Manfred released a statement as part of the announcement:

"Fox Sports has been our national television partner for over 20 years and I could not be more pleased to announce the extension of our relationship through the 2028 season. We value Fox Sports' commitment to baseball and are excited to continue our partnership with this new agreement. Their innovative presentation of Major League Baseball through game telecasts and special programming across all their platforms has helped strengthen and elevate our sports' popularity."

Fox also received "expanded streaming, social media and highlight rights" and continued Spanish TV rights for the World Series and All-Star Game on Fox Deportes as part of the extension.

Ourand noted MLB is also expected to announce a deal with streaming service DAZN in the near future.