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Penn State athletic director Pat Kraft releases statement touting Big Ten media deal

ns_headshot_2024-clearby:Nick Schultz•08/18/22•

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Penn State athletic director Pat Kraft. (Photo credit: Ryan Snyder/BWI)

It was a long time coming, but the Big Ten announced its new media rights deal on Thursday. It’s a day for excitement around the league — and Penn State athletic director Pat Kraft shared his thoughts after the announcement.

Kraft released a statement Thursday touting the agreement, which brings CBS and NBC into the television rotation alongside FOX and the Big Ten Network. All told, the lucrative deal is reportedly worth $7 billion and will start July 1, 2023.

“We are thrilled with today’s announcement of the Big Ten’s new television agreements,” Kraft stated. “Our expanded relationships with FOX, CBS, FS1 and Big Ten Network, coupled with welcoming NBC to the conference, will have a far-reaching impact for years to come. … These unprecedented agreements will provide incredible resources to enrich our student-athletes’ experience.

“I am excited for the future of the Big Ten and Penn State Athletics and these agreements solidify the Big Ten’s status as the nation’s premier collegiate athletic conference.”

Big Ten announces groundbreaking media rights deal worth more than $7 billion

The Big Ten made waves Thursday morning, announcing a historic media rights deal that’ll feature the conference across multiple networks, including CBS, FOX, NBC and Peacock.

“The Big Ten Conference announced today that it has reached distribution agreements with CBS, FOX, NBC and NBCUniversal’s Peacock,” the league announced. “The breadth of new partners, in addition to Big Ten Network (BTN) and FS1, will place conference football, women’s and men’s basketball and Olympic sports student-athletes on the biggest stage and provide fans with the most exciting matchups across traditional over-the-air linear television and direct-to-consumer streaming.

“These landmark media rights agreements are the most comprehensive in all of college sports and further strengthen the tradition of the Big Ten Conference.”

According to Pete Thamel of ESPN, the new seven-year agreement will “begin July 1, 2023, and run through the end of the 2029-30 athletic year.”

Additionally, the college football insider wrote the Big Ten is “set to bring in more than $7 billion” over the course of the agreements.

“Specific terms were not disclosed, but a financial windfall won’t come immediately, according to media sources,” added Thamel. “The CBS payout in Year 1 of the agreement is lower since it still will be carrying SEC games during the 2023 season, and will air only seven Big Ten contests that fall.

“But the Big Ten’s per-school distribution will slope upward in Year 2 of the deal, when new members USC and UCLA enter the Big Ten. Revenue will rise substantially beginning in Year 3.”