The Pac-10 Conference, which will officially become the Pac-12 on July 1 with the addition of schools Colorado and Utah, has more than doubled its television revenue. The conference will announce on Wednesday a new deal to create its own network, but also show the majority of its football and basketball games on ESPN and Fox. The deal will be worth a reported $3 billion over 12 years, or $250 million per year, an average of $20.8 million per school annually. Richard Sandomir of the New York Times has the details:

Games will be carried on two broadcast networks — Fox and ABC — and five cable channels — ESPN, ESPN2, ESPNU, FX and Fox Sports Net. Fox and ESPN will rotate coverage of the conference’s football championship game and its basketball tournament.

The Pac-10’s new channel will carry at least 350 sports events. The conference is also creating a digital channel, like ESPN3, to carry at least 500 events annually, and a properties division to handle sponsorships.

Sandomir also reported that the Pac-12 will retain full ownership of the network, unlike the Big Ten Network, of which Fox owns 49%. Conference commissioner Larry Scott is expected to make the announcement on Wednesday. The new television contract will begin in 2012-2013.

For more Pac-12 news with a local flavor, be sure to read the SB Nation blogs for both USC (Conquest Chronicles) and UCLA (Bruins Nation).