POSTED: 06:18 p.m. HST, Feb 28, 2014
LAST UPDATED: 06:32 p.m. HST, Feb 28, 2014
Oceanic Time Warner Cable will remain the exclusive TV rights holder for University of Hawaii sports through June 30, 2020, under an agreement announced today.
The pay-per-view airing of Rainbow Warrior football will continue through the 2019 season.
The six-year extension with Oceanic calls for UH to receive a minimum payment of $2.3 million this year escalating to $2,539,386 at the contract's conclusion as long as at least seven football games are made available to Oceanic each year, according to the agreement. UH can earn a higher fee if specified net revenue targets are reached.
UH had been receiving a minimum $2.3 million per year for live TV and PPV rights and received as much as $2.6 million in 2008.
Oceanic is mandated to do at least 60 events a year, the same threshold as in previous contracts.
Under terms of the existing agreement, Friday was the final day of an exclusive four-month window for Oceanic to negotiate an extension with UH. Had a deal not been reached, UH would have been free to open up bidding to other parties.
KHNL/KGMB, which has a "shared services agreement" with KFVE, had sought an opportunity to make a proposal.