CBS and Comcast Extend Television Deal with PGA Tour
September 1, 2011
CBS Corpoation (CBS) and Comcast Corporation (CMCSA) have agreed a nine-year television contract extension with the US PGA Tour.
Terms of the contract were not disclosed, but PGA Tour Commissioner Tim Finchem said the rights fees were going to go up in the new pacts. He added that the partnership would significantly increase the amount of charity work the PGA does.
“We can now with confidence expect to reach $2 billion in all-time charitable contributions by 2014 and conceivably reach $3 billion by the end of the term,” Finchem said.
CBS will carry about 20 PGA tournaments a year while NBC will run 10 events annually. The Golf Channel will continue to carry early portions of the PGA Tour season as well as have rights to repeats of coverage from NBC and CBS.
The tour’s current network contracts, reached in 2006 and worth $2.95 billion, were set to expire after the 2012 season. The tour’s contract with Comcast’s Golf Channel also expires in 2021.