Pac-12 commissioner Larry Scott is confident the creation of a new media company will help increase the value of the US collegiate athletics conference’s media rights in 2024.
In partnership with the Raine Group, the Pac-12 is seeking a $750m investment, of which $50m will go toward a new entity that will manage the conference’s media rights and the Pac-12 Network. The Pac-12’s current broadcast rights deal with Fox and ESPN – worth $3bn over 12 years – ends in 2024.
Formal negotiations will begin in 2023 but until then the Pac-12 is seeking a strategic partner to help the conference in the marketplace.
“We know we are sitting on a lot of growth in value [of our TV rights],” Scott told today’s Sports Decision Makers Summit in Miami. “Our schools are interested in monetizing the value sooner and invest in programming and new businesses and acquire new rights [for the Pac-12 Networks] so our rights are more valuable in 2024.”
Scott is also taking a wait-and-see approach to see how TV rights develop over the coming years, with the rise of OTT networks like ESPN+ and DAZN, and technology companies such as Amazon investing in the sphere.
“We won’t see the full picture until early 2020s as technology companies are beta-testing right now,” he added. “It is a rapidly changing environment.”