Alvarez won a high-profile bout against fellow boxing superstar Gennady Golovkin last September.
Alvarez's deal includes 11 fights on DAZN, a global live-sports streaming service, beginning with his next fight: December 15 at Madison Square Garden against Rocky Fielding for the WBA super middleweight world title. DAZN is charging its subscribers $9.99 per month, which - over time - translates to substantially less than the $85 pay-per-views to which boxing fans have become accustomed. He is now with the New York Yankees.
Oscar De La Hoya was one of the main casualties of the HBO Boxing pull out but he has also confirmed that the likes of Jorge Linares and Rey Vargas will also be fighting on DAZN with Golden Boy putting on ten shows a year on DAZN.
The fights will be available in all DAZN markets, including the United States, Canada, Italy, Germany, Austria, Switzerland and Japan.
Canelo's deal eclipses the 13-year, $325 million agreement that Giancarlo Stanton signed in 2014 when he was a member of the Miami Marlins.
Lionel Messi, who earned $111 million a year ago, is likely to be his main competition for the highest-earning athlete title, but reports indicate that Alvarez could have earned upwards of $120 million for 2018 by the time of his debut fight with DAZN.
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Alvarez's first fight under the contract will coincide with his move to super middleweight. The signing of Alvarez kicks off the DAZN-boxing partnership with an exclamation point and plenty of zeroes.
And while the company had talks with Showtime, ESPN and Turner Sports, president Eric Gomez said DAZN's offer was hard to turn down. "It's very important. We have something pending there, so let's make the second fight". "The most important thing to me was being able to give the fans the opportunity to see me fight without having to pay the $70 or $80 for my fights on pay-per-view", the 28-year-old Álvarez told ESPN on Wednesday.
"If he wants to return, I ask him to look my way to give a great fight to the fans". I am moving up in weight and I don't know how my body will feel.
Alvarez said he has confidence DAZN will succeed.
"I was never anxious because I'm very confident in myself", he said. HBO recently announced they were getting out of the fight game after 45 years at the end of the year.