ESPN won the TV rights to ACC football and basketball in a bidding competition with Fox Sports, and the new deal will net the league $155 million a year, dwarfing the $67 million average the league was getting with the old deal, industry sources told the Triangle Business Journal.
Here's an excerpt from the Business Journal story:The back-and-forth bidding, which reached its final stages last week at the league’s spring meetings in Amelia Island, Fla., drove up ESPN’s rights fee from initial projections of about $120 million a year to $155 million, sources said, providing the ACC with more than double the revenue it was receiving from its previous football and basketball contracts.
ESPN’s increase was in response to an unexpectedly strong pursuit by Fox Sports and sources familiar with the negotiations say the bidding was neck-and-neck last week.
The ACC broke from its spring meetings without announcing a new deal, and the conference said a formal contract had not been finalized. But industry sources pegged a pending deal with ESPN at $1.86 billion over 12 years.
That annual figure of $155 million dwarfs the average of $67 million the league was getting from its previous media deals, which expire at the end of the 2010-11 season, but falls well short of the $205 million a year that the SEC gets from its new 15-year deals with CBS and ESPN.