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. Read more