The Texas Tech University Board of Regents has approved a lucrative media contract.

The regents met in specially called meeting to approve the new Big 12 Conference media rights deal for Texas Tech which will pay each Big 12 member school $20 million per athletic season.

Approving this expanded contract was a straightforward decision,” Jerry E. Turner, chairman of the Board of Regents, said in press release.

This agreement will provide Texas Tech University with unprecedented visibility and further our momentum in advancing among the nation’s top institutions.”

The new contract replaces a previous contract with ESPN that would have run for eight years. The new contract runs through the 2024-2025 athletic year.