Dedicated thoroughbred channel TVN is to close next month without a media deal in place for vision of Victorian racing.

The NSW shareholders in TVN split with their Victorian counterparts in December in favour of a deal with the TAB-owned Sky.

A separation agreement was signed on Wednesday with TVN transmission to end on March 15.

TVN is 50 per cent owned by the Australian Turf Club in Sydney with the three Melbourne metropolitan race clubs - Melbourne Racing Club, Victoria Racing Club and Moonee Valley Racing Club - and Country Racing Victoria, owning the other 50 per cent.

Racing NSW holds two seats on the TVN board and Racing Victoria has one.

The future of the TVN-owned print publications Best Bets and Winning Post will be decided by blind bids from Racing NSW and Racing Victoria.

A TVN statement also said that contrary to some reports, TVN's financial performance was at all times audited and transparent and was not a factor in the decision to close down.

Last week, Telstra notified subscribers to the Racing Network website the service would end on March 15.

Racing Network shows live racing and replays from TVN on mobile phones and personal computers and provides a racing news service.

Andrew Catterall resigned as RV's chief commercial and strategy officer on Tuesday, citing differing views on how to implement the media rights negotiations.