FILE – Incoming Big 12 Commissioner Brett Yormark speaks during the opening press conference of the Conference Football Media Day on July 13, 2022 in Arlington, Texas. Yomark described recent discussions with TV partners ESPN and Fox as “relevant” as the conference is looking into the possibility of reaching a media rights deal nearly two years before the current deal expires. (AP Photo/LM Otero, File)
University of Central Florida Athletic Director Terry Mohajir presents Big 12 Commissioner Brett Yomark (left) with a gift during a press conference Wednesday, Oct. 26, 2022, at the University of Central Florida. a personalized jersey. UCF is one of four new schools joining the Big 12 expansion session starting in 2023. The other three schools to join are Cincinnati, Houston and Brigham Young University. (Joe Burbank/Orlando Sentinel via AP)
The Big 12 has reached a six-year extension worth more than $2 billion with ESPN and Fox that will retain the conference’s media rights on those networks for the duration of the 2030-31 collegiate season, according to people familiar with the matter.
The pair confirmed details of the new media rights agreement to The Associated Press on Sunday, speaking on condition of anonymity because the contract has not been finalized and no official announcement is expected anytime soon.
Sports Business Magazine was the first to report that the deal is worth $380 million a year. The Big 12’s current deal with Fox and ESPN has two years left.
The new Big 12 commissioner, Brett Yormark, announced in August that he was in discussions with the network about an extension, just a few weeks after he said a new deal could be reached soon.
The TV deal has provided stability to a league that seemed in danger of falling apart more than a year ago. Oklahoma and Texas announced in the summer of 2021 that they intend to leave the Big 12 for the Southeastern Conference at the end of their current TV deal, which expires in 2025.
Former Big 12 commissioner Bob Bowlsby and the conference quickly added Houston, Cincinnati, Central Florida and BYU. The four will join next year to provide at least one season for the Big 12 and 14 teams.
It would cost tens of millions of dollars for Texas and Oklahoma to break their existing contracts, leaving the conference early.
Without the Longhorns and Sooners, there are concerns about how much the network would value the Big 12. The final two years of the current deal are $220 million per year.
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