TV networks desperate for live sports have just overloaded the big ten colleges with nearly $8 billion

The Big Ten forged a new seven-year contract with Fox Corp FOX, Paramount Global PARA CBS and Comcast Corp CMCSA NBC worth up to $7.5 billion, the Wall Street Journal reports.

It marks a record amount for an athletic college conference that reflects the rising value of college football broadcasting rights. Less than two months ago, the Big Ten declared Southern California and UCLA as future members in the pocket.

The SEC recently announced that football giants Texas and Oklahoma will be added by 2025.

Also read: Apple is again fighting for streaming rights of Big Ten Athletic Events: report

By 2024, when the SEC’s new deal with Walt Disney Co.’s DIS ESPN goes into effect, the conference is likely to generate more than $800 million in media rights annually.

The Big Ten and SEC will each have 16 affiliated schools once their current expansion plans go into effect. Under the new deal, the Big Ten’s package of football matches will be extended on Saturday from noon to nearly midnight.

Beginning in 2023, Fox will air the top game of the week at noon Eastern Time, followed by a CBS game at 3:30 p.m. ET. NBC will wear the nightcap in prime time and plans to style the broadcast called “Big Ten Saturday Night.”

ESPN is not part of the Big Ten’s new contract, which ends a more than 40-year partnership.

CBS has a long-term agreement to broadcast premium SEC football games that expires after the 2023 season. CBS will offer seven Big Ten football games in the first year of the Big Ten contract for a discount and then pay $350 million per year to a maximum of 15 matches per year.

CBS will also broadcast men’s and women’s basketball. Paramount+ will stream the games simultaneously.

Likewise, NBC will pay $350 million annually for the rights to broadcast between 14 and 16 Big Ten football games and a range of basketball and Olympic sports programs each season. Eight football games per season are broadcast exclusively on Peacock, NBC’s direct-to-consumer streaming service.

The Big Ten football championships will rotate between partner networks. However, the Big Ten-affiliated schools won’t immediately see a substantial increase in their payouts from the conference due to the rolling nature of the new deal.

Payouts will increase in 2024 when Big Ten membership expands to 16 schools.

Price Action: FOX stocks traded 0.69% lower at $33.20 on last check Thursday.

Photo via Wikimedia Commons

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