In a shocking move, FOX is taking back one of college football’s biggest prizes. On3 reported that FOX has officially finalized a deal to re-acquire the 2026 Big Ten title game from NBC and Peacock. NBC reportedly received between $45 million and $55 million from FOX in the swap, plus one additional Big Ten game this season.
For FOX and its FOX One streaming service, the reclamation is a big win, as it also means NBC is giving up a marquee matchup that drew a massive audience last season. The 2025 Big Ten title game between Indiana and Ohio State averaged 18.3 million viewers on FOX, making it the most-watched game of conference championship weekend. FOX will now own the Big Ten championship in five of seven years under its current deal with the conference, which runs through the 2030s.
On the other hand, losing a title game from one of the sport’s top conferences is a tough loss for Peacock. NBC had interest from streamers in carrying the game, but On3 reported that NBC’s only option was to televise it if FOX did not buy it back. Instead, FOX, which has a 61% ownership stake in the Big Ten Network, stepped in and reclaimed the event.
Peacock takes another hit, FOX doubles down on streaming
The news comes at an not ideal time for Peacock after Comcast’s latest Q1 results showed the streamer posted an adjusted EBITDA loss of $432 million. While subscribers climbed to 46 million, after adding 2 million during the quarter, the platform benefited from a strong sports slate, including the Winter Olympics, the Super Bowl, and NBA games. The financial loss shows that even with subscriber growth, Peacock remains expensive to run. Losing a premium college football event removes another tentpole from a service that is trying to prove it can compete with the biggest streaming players.
FOX, meanwhile, is making it clear it wants FOX One to be more than a simple live-TV bundle. Recently, it added advanced multiview through a partnership with Skreens, giving viewers a more flexible way to watch live sports. The streamer also expanded its content mix, with the addition of eight video podcast series from FOX News Media and Red Seat Ventures, including shows like The Brett Cooper Show and The President’s Daily Brief earlier this month. The video podcast launch gives subscribers more on-demand content and more reasons to stick around between games.
Taken together, those moves matter as FOX is not just chasing sports rights. The company is building a streaming product around them, which makes the return of the Big Ten championship game even more valuable, as it gives it another big event to support its broader streaming push.
Credit: on3