Board of Regents Approve Big 12 Media Agreement
By: Blayne Beal- Texas Tech University
Updated: September 11, 2012
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, visit the following URL: http://www.big12sports.com/ViewArticle.dbml?DB_OEM_ID=10410&ATCLID=205680799
