ESPN and The University of Texas formally announced a 20-year agreement to develop a new 24-hour network dedicated to the Longhorns.

Scheduled to launch in September 2011, the network will offer a variety of content, highlighted by more than 200 exclusive events annually from numerous sports, original series and studio shows, historical programming and academic and cultural happenings.

The deal is worth $300 million over 20 years. Orangebloods.com was the first to break the news on the yet-to-be-named network last November.

“This network is a testament to the school’s remarkable, tradition-rich success and widespread, devoted fan base,” ESPN and ABC Sports president George Bodenheimer said. “We are excited to work with Texas as well as IMG on this one-of-a-kind opportunity to create a dynamic new home – both through television and broadband outlets — for all things UT, 365 days a year.”