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Why Fox is paying so much for Thursday Night Football

(Photo by Scott W. Grau/Icon Sportswire via Getty Images

21st Century Fox President Peter Rice said Monday the network is willing to pay much more than previous rights owners for Thursday Night NFL games because, in his words: "You either have must-watch content on TV or you don't have it."

Why it matters: Rice says the Fox broadcast network is built on the value that the NFL brings to its brand, and all of 21st Century Fox's other channels — like FX, Nat Geo, Fox News — ride on the success of that broadcast channel, making the price tag reasonable even if it is much higher than what CBS and NBC paid over the past two years.