Seth Davis breaks it down:
> The Pac-12 did not partner with a major media company to form its TV network. That meant starting off with no offices, no infrastructure, no footage archives — and no cash.
> …
> In other words, it was classic risk-reward. So far, the Pac-12 has the risk part down pat. “We took on all of the financial and operational risk,” [Pac-12 Commissioner Larry] Scott said, “but it made sense because it made us the master of our own destiny.”
Good for the Pac-12. If [their iPad app](http://itunes.apple.com/gb/app/pac-12-now/id550252401?mt=8) is any indication, they are on the right track.