Filed under: Texas, Sports Business and Media
Everything is bigger in Texas, including television licensing deals.The University of Texas and ESPN reached a 20-year, $300-million agreement for a 24-hour network to carry Texas athletic events as well as some campus-related programming, the school announced Wednesday.
"This is an extremely exciting new venture for our university," University of Texas president William Powers said in a statement. "With our partners, we are now able to increase the exposure of our outstanding athletics programs and our first-class academic and cultural communities. This agreement provides significant new resources to enhance faculty and academic support."
Texas will take home $247.5 million of the agreement, according to the report, an average of $12.4 million per year, though that number could go up depending upon performance of the network. The network will not supplant any of the school's current television deals through the Big 12, though it will broadcast at least one football game and eight men's basketball games, in addition to olympic sports.
The revenue will be in addition to the $14-15 million the school is currently set to receive this year as part of the Big 12's television agreements, which means Texas' television revenue should approach $30 million per year.
ESPN will launch, develop and manage the channel.
"This network is a testament to the school's remarkable, tradition-rich success and widespread, devoted fan base," ESPN president George Bodenheimer said in a statement.
The network will begin broadcasting in September.
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