graphic
News
CBS renews NCAA B'ball
November 18, 1999: 8:39 p.m. ET

March Money Madness: CBS Sports to spend $6 billion over 11 years for basketball tourney
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - The NCAA announced Thursday a $6-billion, 11-year contract with CBS Sports that will expand the network's exclusive right to televise the NCAA Men's basketball tournament.
     The new deal, one of the largest in U.S. sports history, builds on CBS's existing $1.725 billion, 7-year deal that runs until 2002. CBS has had the TV rights to the Division I tournament since 1982, and the new pact will hold through 2014.
     The far-reaching pact also offers CBS rights to games content on the Internet, and merchandising rights for tournament-related products.
     "This is the first sports deal in history to extend beyond our traditional platforms into the world of new media," said Leslie Moonves, CBS Television president and chief executive officer. "The future of our core business demands that we continue to bring blockbuster events to major audiences our advertisers want to reach, promoting those events across the broadest possible media platforms."
     At about $545 million per year, the contract is considerably higher than expectations for about $400 million per year.
     CBS (CBS), which was left out of last week's NASCAR auto racing deal, topped rival bids from Disney (DIS)'s ABC and ESPN, and Fox - a unit of Fox Entertainment Group (FOX).
     Shares of CBS rose 1-1/4 to 55 Thursday.Back to top
     -- from staff and wire reports

  RELATED STORIES

CBS acquires stake in jobs.com - Aug. 18, 1999

  RELATED SITES

CBS


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.