The surprise wasn't that CBS retained the television rights to the NCAA men's basketball tournament. It was the $6 billion figure that was staggering.
CBS, which has broadcast the Final Four since 1982, retained the event by agreeing Thursday to a blockbuster $6 billion, 11-year deal.The contract, in which the NCAA holds an option after eight years, more than doubles CBS' $1.73 billion, seven-year pact that runs through 2002. It begins in 2003.
"There is no more important event at CBS than the men's basketball tournament," said CBS sports president Sean McManus. "There has been no higher priority than renewing this relationship."
CBS, left out of last week's NASCAR TV contract, outbid Disney's ABC-ESPN and Fox. Both Disney and Fox had cable components to their bids.
CBS said there are no immediate plans to put the tournament on cable television. "Right now, for the foreseeable future, our plan is to keep it on free over-the-air," McManus said. "But we own the cable TV rights if we want to explore the possibilities."
The NCAA explored other network offers after dealing exclusively with CBS until August.