The SEC has called a 3 p.m. press conference to announce a blockbuster television deal with ESPN that will, according to one published report, pay the conference a staggering $2.25 billion over the next 15 years.
Street & Smith’s Sports Business Journal reported this morning that the deal, which was agreed to during the SEC’s athletics directors’ meeting in Orlando last week, would pay the SEC about $150 million a year over the life of the contract. This comes on the heels of an announcement on Aug. 14 of a 15-year deal with CBS that will pay the conference about $55 million per year through the 2023 season. That deal would also triple the amount of television revenue from football that the league received under its old agreements, which end after the 2008 season.
This deal also eliminates the possibility of the SEC forming its own network. That’s because ESPN purchased all of the remaining television rights not held by CBS. This means that Raycom, which will show the 12:30 p.m. SEC game this season, will be shut out of the new deal. [read more]