ESPN and the NCAA have extended their television rights agreement through 2023-24, reports the Associated Press.

ESPN will have the network worldwide multimedia rights to 24 championships in various sports and exclusive international rights for the "March Madness" men’s basketball championship tournament.

The new deal, which is effective immediately, is reportedly worth $500 million.

In a statement, George Bodenheimer, president, ESPN and ABC Sports, and co-chairman, Disney Media Networks, said, “We have enjoyed a great relationship with the NCAA that has spanned the history of ESPN. This is our most comprehensive agreement yet and ensures sports fans will have access to top-level NCAA athletics across ESPN networks and platforms.”

The network added coverage of the championships in seven sports: women’s gymnastics, men’s and women’s fencing, Division I women’s lacrosse, Division I men’s and women’s outdoor track and women’s bowling.

Annual coverage will reportedly total more than 600 hours.