Top US media companies CBS, Comcast’s NBC and Fox have agreed to pay roughly $7.5bn over seven years to show Big Ten college sports, according to a person familiar with the matter, a record contract that underscores broadcasters’ continued willingness to pay a premium for live sports.

The rights agreement begins next year and will last throughout the 2029-2030 college sport season. Its value is likely to increase as two popular universities in Los Angeles, the second-largest US media market, are set to join the Big Ten in 2024.