University of Texas at Austin President William Powers Jr. says the school has reached a 20-year, $300 million deal with ESPN for a 24-hour television network that will broadcast Longhorn sports and some non-athletic content.
Powers tells the Austin American-Statesman for Wednesday's online edition that the school is assured at least $10 million in revenue for the first five years of the contract.
Officials say ESPN has guaranteed all $300 million, with about $247.5 million going to the university and $52.5 million going to IMG College, a company that handles marketing and licensing for the university.
The UT System Board of Regents gave Powers approval in November to negotiate with a broadcast partner. The agreement does not replace existing TV deals.