Syracuse University is sticking with college sports powerhouse IMG.
The university’s athletic department negotiated a new deal with the firm after canceling their previous multimillion-dollar contract in July — believing it could make millions more in an era of escalating sports media rights.
IMG said the new multimedia licensing agreement will cover broadcast rights as well as certain “digital entities.” It didn’t disclose the length of the contract or the financial terms.
“We have enjoyed a longstanding, very productive relationship with Syracuse, and we are proud the school has chosen to re-establish itself as a part of our industry-leading national platform,” said Ben Sutton, the chairman and president of IMG College.
The previous deal ran through 2020-21 season, and the two had been partners since 1999.
Last month, Syracuse opted to become a free agent, saying it would explore options to include reaching a new deal with IMG, picking a new sports marketing firm or doing the work itself.
Keeping Syracuse is a nice win for WME, the traditional Hollywood talent agency that acquired IMG for $2.4 billion in a bet that it could expand into sports and other events.
IMG has seen some turnover since then, including the departure of George Pyne, the president of IMG Worldwide Sports and Entertainment, who is starting his own firm.