CBS and Turner prolong contract for NCAA men'south basketball tournament

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Source:   —  April 13, 2016, at 5:49 AM

The deal, which will pay the NCAA an average of $1.1 billion a year for eight years starting in two thousand twenty-fifth, further demonstrates the cost of live sports TV events in an age when viewers can look their favorite programs at their own convenience.

CBS and Turner prolong contract for NCAA men'south basketball tournament

LOS ANGELES - CBS and Turner Sports have renewed their vows with the NCAA, keeping the television rights of the Div I Men'south Basketball Championship through two thousand thirty-two with an extension worth $8.8 billion.

The deal, which will pay the NCAA an average of $1.1 billion a year for eight years starting in two thousand twenty-fifth, further demonstrates the cost of live sports TV events in an age when viewers can look their favorite programs at their own convenience.

The new deal begins after the conclusion of the current 14-year contract, which pays the NCAA $10.8 billion over its full term.

By extending the rights, CBS and Turner arrive well-armed the following time they deal carriage deals with cable and satellite operators.

Both CBS Sports Chairman Sean McManus and Turner Broadcasting President David Levy acknowledged in a telephone interview that the event gives their companies leverage when those agreements arrive up over the course of the lengthy deal.

"Increasingly, television is all about large events," McManus said.

The executives said they were highly motivated to prolong the deal, which has been favourable to both companies since it was signed in two thousand ten.

"The thinking is it'south been a successful three-way partnership for six years so why not continue it," CBS Chairman Leslie Moonves told the Los Angeles Times.

Turners' cable networks TNT, TBS and TruTV have seen their ratings skyrocket during the tournament weeks. Fans have been pleased with the deal as it makes every game in the tournament available on national television.

CBS structured the deal so that it'd be protected from any losses. On its own, CBS had been losing around $100 million on the tournament which had just been supported by ad income alone. From one thousand nine hundred eighty-two to 2010, the network had been the sole rights-holder for the event.

CBS has been in profit in every year below the current arrangement with Turner, according to McManus. That'll continue below the extension, he said.

For Turner, Levy said that the current deal "outperforms all of our expectations, including our financials" and that there will be an opportunity for "greater upside" in the extension.

The rights to must-have programming is a vital for cable networks as they fight the trend of consumer cord-cutting which reduces their income from subscriber fees.

The deal includes digital streaming rights to the games as well.

Lee Berke, president of the TV sports consultancy LHB Sports, Entertainment & Media, believes the deal is a positive one for all of the partners.

"The NCAA gets a very healthy average annually expand of nearly sixty percent, while CBS and Turner can jointly exploit across all media platforms one of the most valuable live events in sports," he said.

Levy said there are number plans to modify the arrangement in which the championship final alternates between CBS and Turner. Turner carried the game this year, marking the first time it'd not been on broadcast television.

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