March 9 (UPI) -- The PGA Tour announced an expansive nine-year media rights deal Monday, including two TV networks and a streaming service.
The PGA Tour entered new agreements with existing partners Viacom (CBS) and Comcast (NBC/Golf Channel) and established a new long-term relationship with Disney (ESPN+). The nine-year contracts begin in 2022.
The PGA Tour also negotiated a rights agreement for the LPGA Tour. That agreement keeps the LPGA Tour as anchor programming on Golf Channel and includes expanded exposure for LPGA Tour events on NBC and CBS.
"The nine-year deals will put us in a position to significantly increase player earnings, deliver more value to our tournaments and sponsors and ultimately allow us to continue to grow our charitable footprint," PGA Tour commissioner Jay Monahan said in a news release.
"Additionally, we are now able to reinvest in our sport in a way never before possible, including production, personnel and technology, and are well positioned to best serve and grow our fanbase in the years to come."
Financial terms of the deals were not disclosed. Sources told CNBC and the Wall Street Journal the rights package has a total value of about $700 million annually. The PGA Tour was making $400 million annually from its previous broadcast rights deals.
"This agreement is an important milestone in the strategic partnership between the LPGA and the PGA Tour and a great example of the collaboration happening among golf's biggest stakeholders," LPGA Tour commissioner Mike Whan said.
"Thanks to the enhanced agreement with Golf Channel and increased network coverage on NBC and CBS, more viewers in the U.S. and around the globe will experience the quality and diversity of the LPGA Tour. This gives us a domestic broadcast partner to help deliver another decade of unprecedented growth and provides a foundation that will springboard the women's game into the future."
ESPN+ won the rights to PGA Tour Live. The streaming network will feature four live channels, including featured pairings to show entire rounds of star golfers during tournaments.
"We are looking forward to working with the PGA Tour to bring current and future golf fans the next generation of tour coverage," ESPN president Jimmy Pitaro said. "ESPN+ will offer golf fans unprecedented access and storytelling at an incredible value on the industry's leading sports streaming platform."
CBS will average 19 events and NBC will average eight events each season. One of the networks will televise all three FedExCup Playoffs events annually, starting with NBC in 2022, before alternating to CBS.
The PGA Tour previously agreed to a 12-year, $2 billion contract with Discovery in 2018. That pact gives Discovery (GolfTV) the media rights to PGA Tour programming outside of the United States.