Consolidated revenue reported at $534M with total distributions at $403M, increases of 1% and 4% year-on-year

Seven-year period since start of ESPN and Fox partnerships and launch of Pac-12 Networks marked by 77% growth in member distributions and 60% growth in revenues

Consolidated Conference & Networks Expenses decrease 2% year-on-year

SAN FRANCISCO – May 20, 2021 – The Pac-12 Conference today reported the financial performance for the financial year 2019-2020, highlighted by total revenues of $534M and distributions at $403M, representing an average of $33.6M per member university.  The year-on-year increase in reported revenues and distributions, at 1% and 4% respectively, is primarily a result of increases in media rights and post-season Bowl revenues offset somewhat by lower NCAA revenue. The equity value of the Pac-12’s full ownership of its Pac-12 Networks is not included in reported results.

For the seven-year period since 2012-2013 when the Pac-12 began its media rights agreements with ESPN and Fox and launched the first and only member-owned conference network, annual member distributions have increased by 77% ($228M to $403M) and annual total revenues have increased by 60% ($334M to $534M).  The compounded annual growth rate for member distributions and total revenues over the seven-year period was 8% and 7%, respectively.  The ESPN and Fox partnerships that began in 2012 resulted in more than four times the annual revenue of the prior Pac-12 media rights agreements.

In addition to reporting consolidated results and in order to provide enhanced clarity and transparency, the Pac-12 is providing a breakout of each of Conference and Networks performance (see chart set forth below).  For 2019-2020, the Pac-12 Conference reported revenues of $416M and net operating expenses of $47M.  For 2019-2020, the Pac-12 Networks reported revenues of $118M and net operating expenses of $82M.  Consolidated expenses for the Conference and Networks together decreased by 2% year-on-year.

“The Pac-12 mission is to support our over 7,000 student-athletes both on the field and in the classroom,” said Pac-12 Commissioner Larry Scott.  “Our continued financial growth in revenues and member distributions, along with expense management efforts, have and will continue to allow us to support this essential academic and athletic mission.”

Michael Schill, Pac-12 CEO Group Chair and President of the University of Oregon added: “It was a challenging year. Like everything, the Pac-12 Conference was impacted by the pandemic. I appreciate all the work of Commissioner Larry Scott and the Pac-12 to reduce costs and maximize distributions despite the challenges.”

Pac-12 Networks is the only conference network wholly-owned and controlled by its university members, providing an unprecedented platform to showcase the full breadth of Pac-12 sports to fans nationally across linear, digital and social media platforms.  The ownership model, under which the universities retain full equity in the enterprise, also provides a platform for innovation and the flexibility to adapt to and achieve full value from a rapidly evolving media landscape.  Revenue and expenses, but not equity value, from the Pac-12 Networks are included in the Conference’s reported financial results.

Pac-12 Conference 990 Reporting by Entity (Audited Financial Statements)

Notes:

• Certain allocations of expenses are made between Conference and Networks budgets to account for shared services and facilities, as well as for certain limited personnel roles that have responsibilities across both Conference and Networks.
• “Other” Networks expenses include talent, research, temporary and freelance labor and consulting; and “Other” Conference expenses includes temporary labor, consulting and special projects.
• “All Other Expenses” primarily includes taxes, sales expense, equipment supplies and maintenance, and officiating.