ESPN won the TV rights to ACC football and basketball in a bidding competition with Fox Sports that was surprisingly close, industry sources say, and as a result made the conference several million more dollars.
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.
ACC TV rights revenue
Current deals:
Football: 7 years, $258 million with ABC/ESPN through 2010
Basketball: 10 years, $300 million with Raycom Sports through 2010-11
Average per year: $66.9 million
New deal:
Football/basketball: 12 years, $1.86 billion with ABC/ESPN through 2022-23
Average per year: $155 million
Sources: Conference Form 990 filed with the IRS, SportsBusiness Journal
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 (see chart), but falls well short of the $205 million a year that the SEC gets from its new 15-year deals with CBS and ESPN.
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BC ain't going ANYWHERE...