Report: Big 12 agrees to new media rights deal, signs $2.28 billion agreement with ESPN and Fox

FILE - In this Saturday, Sept. 4, 2021, file photo, a Big 12 Conference logo is displayed on a...
FILE - In this Saturday, Sept. 4, 2021, file photo, a Big 12 Conference logo is displayed on a goal line pylon before Duquesne played TCU in an NCAA college football game, in Fort Worth, Texas. The Big 12 has reportedly agreed to a new media rights deal with ESPN and Fox Sports (AP Photo/Ron Jenkins, File)(Ron Jenkins | AP)
Published: Oct. 30, 2022 at 9:42 AM CDT
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KANSAS CITY, Mo. (KCTV) - Less than three months after taking the job, newly-appointed Big 12 commissioner Brett Yormark has secured a big win for the conference.

On Sunday, Yormark and the Big 12 agreed to a reported six-year deal with ESPN and Fox Sports worth $2.28 billion, according to a report from Sports Business Journal.

The conference has two years remaining on its current TV deal, which concludes following the 2024-25 academic year. That’s the same end as Texas and Oklahoma’s time as members of the league, with the two set to join the Southeastern Conference.

The current media rights deal pays the conference $220 million per year. Once the new deal is implemented, the conference will bring in $380 million per year, an increase of 72.7 percent in the average annual value in comparison to the old deal negotiated under former commissioner Bob Bowlsby.

According to SBJ, ESPN will continue to hold the rights to the Big 12 championship game in football and the Big 12 tournament in men’s basketball. Fox Sports will also reportedly broadcast Big 12 basketball games during the regular season for the first time.

New members BYU, Houston, Cincinnati and UCF will join the Big 12 next year.

Yormark’s negotiation skills landed the conference a new deal while the Pac-12 -- which will soon lose USC and UCLA to the Big Ten -- still sits at the negotiating table. Pac-12 commissioner George Kliavkoff allowed the exclusive negotiating window with ESPN and Fox Sports to expire and now can negotiate with companies like Apple and Amazon as well as the aforementioned sports media stalwarts.

The deal comes during a Big 12 football season that has featured a great amount of parity. In basketball, the league has sent a team to the Final Four in the last three NCAA tournaments and won the last two, with Kansas finishing the COVID-shortened 2020 season as the No. 1 ranked team in the country.

The Big 12′s new deal will expire in 2031, allowing Yormark and the conference to renegotiate three years before the SEC and five years before the ACC’s latest deals are done.