University of Texas president Bill Powers announced today that the university has reached a 20-year deal with ESPN to carry the forthcoming Longhorns sports television network.  President Powers announced that the deal was signed for $300 million dollars, and includes a partnership with IMG College, the company which handles UT's marketing and licensing.

"We see this as a very important part of sort of continuing to reinvent the models through which we do business," Powers said. "This is reflective of being much more creative in how public higher education positions itself as we go forward, even aside from the athletics."

Texas is guaranteed to receive approximately $10 million for the first year of the contract, which in conjunction with the renegotiated Big 12 TV contract will net the university around $30 million in TV revenue alone. About half of the $10 million is presently earmarked for academic initiatives.