The Pac-12 Conference should continue to pursue offers for a private equity sale of the league鈥檚 media rights so that its dozen member institutions could see a boost of revenue in the coming years, CU Boulder Chancellor Phil DiStefano said March 16 at a Pac-12 news conference in Las Vegas.
DiStefano, chair of the league鈥檚 executive group, and Pac-12 Commissioner Larry Scott met earlier in the day with other Pac-12 chancellors, presidents, athletic directors and conference executive staff where they discussed student-athlete health and wellness programs, possible sites for the 2020 football championship game, an external review of football officiating practices and media rights.听
The Pac-12 Conference, under the leadership of the chancellors and presidents, earlier this year announced it would explore the sale of a minority stake in the wholly owned Pac-12 Networks and the conference鈥檚 media rights to broadcast major sporting events (currently held by ESPN and Fox) when that contract expires in 2024.
Pac-12 Commissioner Larry Scott and Pac-12 CEO Group Chair and CU Boulder Chancellor Philip DiStefano met with the media Saturday ahead of the championship game of the Pac-12 men's basketball tournament.
DiStefano told media gathered at the T-Mobile Arena for the Pac-12 men鈥檚 basketball title game that there is significant interest from multiple parties.听
鈥淲hen and if we reach a deal, this would benefit the conference in two major ways,鈥� he said. 鈥淔irst, as we head into the next round of media rights negotiations, we would have a strategic investment partner to help all of us maximize our value for years to come.
鈥淪econd, the universities would have an immediate infusion of revenue that would close the distribution gap we face with our peers in other Power 5 conferences (such as the Big Ten and Southeastern Conference). This would help our campuses tremendously in meeting unfunded needs.鈥�
Since becoming chair of the conference last fall, DiStefano has ensured that presidents, chancellors and athletic directors work collaboratively with the Commissioner鈥檚 Office and have more collective input for major conference initiatives.
鈥淧art of the reason I feel so positively about where we are is that our CEOs, ADs and the Commissioner are aligned behind our strategies,鈥� said DiStefano, who also serves on the NCAA Board of Governors. 鈥淲e are working in great collaboration and with a high level of positive engagement.鈥�
DiStefano and Scott also addressed the sub-par performance this season across the Pac-12鈥檚 men鈥檚 basketball teams, who did not have much presence in the Top 25 rankings this year.
鈥淚f we want to be visible as a conference, our teams need to perform well in football and basketball. There is no question that success on the field can be cyclical and we鈥檙e amid a challenging cycle,鈥� DiStefano said. 鈥淚n the meantime, we remain focused on our mission to support our student-athletes on the field and in the classroom.鈥�
