Commissioner Larry Scott called the 12-year agreements with the broadcasters a "landmark" but didn't divulge how much they were worth.
The New York Times reported, however, the contracts were worth about $3 billion -- the richest television deal for any U.S. college conference.
The deal and new network were announced just as the Pac-12 was set to add Colorado and Utah, bringing the conference into six states from its original four of California, Oregon, Arizona and Washington.
Terms of the TV deal call for Pac-12 football games to be shown on ABC, Fox, ESPN, ESPN2, ESPNU and FX, while basketball will be carried on ESPN, ESPN2, ESPNU and Fox Sports Net.
Under the agreements, the Pac-12 Conference will own its new Pac-12 Network, as well as the Pac-12 Digital Network, and will control and distribute all conference games not licensed to ESPN and Fox Sports.
Men's and women's basketball games, along with other Olympic sports, will gain considerable exposure on the new network, Scott said.