Posted by Sabrina B. @gametimegirl

The University of Texas has reached a 20-year, $300 million deal with ESPN for a television network that will broadcast Longhorn sports and other content.

A news conference to formally announce the contract was scheduled for Wednesday afternoon. University spokesman Don Hale confirmed the contract details.

The deal includes Texas’ licensing and marketing partner IMG, with more than 80 percent of revenue set to go to the university.

George Bodenheimer, president of ESPN Inc. and ABC Sports, called the network “a testament to the school’s remarkable, tradition-rich success and widespread, devoted fan base.”

-AP