When the Big 12 Conference came to terms on a six-year media rights extension with ESPN and FOX Sports last October, it was viewed as a haste decision by Commissioner Brett Yormark – but it now seems to be paying dividends. The deal, which is reportedly worth $2.3 billion, has a pro rata clause in its contract for ESPN, meaning that the network will need to allocate more money to each school if the conference adds teams.
Due to the downfall of the Pac-12 Conference, the Big 12 has added the Arizona Wildcats, Arizona State Sun Devils and Utah Utes, taking advantage of a precarious situation that threatens the future of college sports as we know it. Conversely, FOX Sports does not have a pro rata clause in its deal, allowing it to dole out a fixed amount of money per school in exchange for a share of the media rights.
“We’ve talked to FOX,” Yormark said during an appearance on the upcoming milestone 100th episode of The Marchand and Ourand Sports Media Podcast. “They see the value of expansion and what it can mean for us today and in the future. They’re involved financially and very supportive, so it worked out for us.”
Yormark was always open to expanding from the time he started serving as the conference’s commissioner at the beginning of last August. From the moment he assumed leadership, he hired Mark Shapiro’s company, Endeavor, to evaluate the media landscape and provide guidance regarding the best path forward. With the Pac-12 failing to reach a media rights deal, a prime opportunity arose, and Yormark was prepared to act swiftly in the best interests of the conference.
“This was something that we had to do, and this was something that the board and our key stakeholders encouraged,” Yormark said. “I’m sorry that my gain is your loss. [Pac-12 Commissioner George Kliavkoff and I] had a very collegial conversation. George was fantastic, and I’ll be seeing him again in a couple of weeks at some industry meetings.”
When the Big 12 sealed the agreements with ESPN and FOX, the conference could collectively breathe easier that they would be televised for the foreseeable future. Few people seemed to realize that it would be the last major media deal in the market, especially after following the Big Ten’s record-breaking seven-year, $7 billion pact with NBC, FOX and CBS.
“Sometimes in life, you’ve got to get lucky,” Yormark said, “and we got a little lucky because had we not done that deal at the time we did, who knows if I’d be [on] your 100th show here today.”
