Following a successful eight-year relationship with CBS Collegiate Sports Properties, the University has signed a new 10-year multimedia agreement with CBS valued at more than $33 million.
The monetary commitments will primarily provide funding for new video boards for stadiums on Grounds.
"There is already a new video board in Klöckner Stadium and there will be a new one in the baseball stadium by spring," said Jon Oliver, University executive associate athletics director. "By 2009, we plan to replace and update the video board in Scott Stadium to one of higher quality and larger size."
According to the agreement, CBS will continue to manage many different marketing aspects of University athletics.
"The agreement includes marketing all of the assets of the athletic department, including radio, game broadcasts, Internet, game programs and video promotions," said Doug Paschal, vice president and general manager of CBS Collegiate Sports Properties.
The discussions for a new contract have been in the works since early 2005, Oliver said.
"The University put out a request for proposals, and we negotiated with more than one firm," he added.
CBS stood out from the other proposals because "they understand our culture and where we're trying to go," Oliver said.
The relationship between the University and CBS has brought about change in the athletics department, Oliver noted.
"The perception on the part of the fans and supporters has changed," he said. "The football stadium is sold out, and we now have a large basketball arena."
The agreement between CBS and the University also benefits CBS.
"Those [multimedia] companies are doing it for exposure and to improve their brand, and we believe that we have improved their brand," Oliver said.
CBS also manages properties at the University of Maryland, Arizona State, Louisiana State, Northwestern and Stanford, among others, said Paschal.
"We're doing everything we can to be the voice of U.Va. athletics and ... to put a positive light on all that's happening at the University," Paschal said.
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