In a specially-called meeting this morning (Sept. 11), members of the Board of Regents at the Texas Tech University System approved the media rights agreements with ESPN and FOX Sports Media Group for Texas Tech University as part of the newly-established deal for institutions in the Big 12 Conference.
“Approving this expanded contract was a straightforward decision,” Jerry E. Turner, chairman of the Board of Regents, said. “This agreement will provide Texas Tech University with unprecedented visibility and further our momentum in advancing among the nation’s top institutions.”
Approval from the Board of Regents is required when a contract agreement or contract extension with a component institution exceeds $500,000 per year. With the new 13-year deal, television revenues for Texas Tech University are predicted to nearly double, growing from roughly $10 million to $20 million per year.
“Today’s approval of Texas Tech University’s grant of rights marks a significant opportunity for the university,” Kent Hance, chancellor of the Texas Tech University System, said. “On top of increased exposure, the new agreement will allow Texas Tech University to generate additional revenue through broader distribution of its content.”
Announced last week by officials of the Big 12 Conference, the agreement provides both ESPN and FOX with over-the-air and cable broadcast rights, making it one of only two conferences with both over-the-air and cable programming on two national outlets.
A previous eight-year contract with ESPN was replaced with the new 13-year deal, which begins with the 2012-2013 season and continues through 2024-2025. Adjustments to include the expansion of rights and platforms were made to the agreement signed last spring between FOX and the Big 12 Conference.
“This is an exciting day for Texas Tech University,” Lawrence Schovanec, interim president of Texas Tech University, said. “Our future as a member of the Big 12 Conference has never been brighter, and we thank the conference leadership for their efforts in negotiating this historical agreement."
For more information on the media rights agreements, go here.