The University of Texas has reached a 20-year, $300 million deal with ESPN for the long-thought-about "Longhorn Sports Network"- like television network.
A news conference to formally announce the contract was scheduled for this afternoon. University spokesman Don Hale was able to confirm the contract details and dollars.
The deal includes Texas' licensing and marketing partner IMG, with more than 80 percent of revenue set to go to the university.
George Bodenheimer, president of ESPN Inc. and ABC Sports, called the network in a standard release "a testament to the school's remarkable, tradition-rich success and widespread, devoted fan base."
Here's coverage from our friends at KXAN-TV in Austin...