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Updated on July 21 at 11 a.m: The ACC made things official on the very first day of ACC Media Days, announcing that the conference had struck a deal with ESPN to launch the ACC-ESPN Network.

"On behalf of the ACC Council of Presidents, Faculty Athletics Representatives and our ACC Television Committee, we are tremendously pleased to further enhance our long-term partnership with ESPN that includes the creation of the ACC Network and ACC Network Extra, and positions the conference for the long-term future," said ACC commissioner John Swofford.

"This partnership continues to be a win-win for ESPN and the ACC. ESPN is the premier provider in sports content and this agreement will deliver unprecedented coverage to our fans, while highlighting our quality student-athletes, coaches and institutions."

The television network will not be ready to launch until 2019. When it does, the league will expand to 20 basketball games per season.

Original story: Who says cable is dead?

The ACC and ESPN are closing in on an updated television deal that will include a "long-awaited ACC cable channel," according to the Charlotte News and Observer. The big thing here is that the ACC and ESPN have been working behind the scenes on a cable channel for a number of years -- basically since they first came to terms in 2010 -- while other conferences like the Big Ten and SEC have managed to put together similar products. But with ESPN losing subscribers, and considering the rise of over the top streaming media, there has been some concern a conference channel wouldn't see the light of day:

Any changes to the ACC's television deal would come at a time of significant change for both cable television and college athletics. ESPN has been losing subscribers - an estimated 7 million in less than three years - as "cord-cutting" consumers move away from traditional cable and satellite bundles that feed ESPN billions of dollars in per-subscriber fees.

The amount of the deal was not disclosed. An official announcement is expected by Thursday.

The ACC's current deal with ESPN runs through 2026-27, but as noted by ESPN's Brett McMurphy, the new deal will begin in 2019 and run through 2036 with the ACC Network included. Though most Power Five grant of rights will end sometime in the next decade or so, the ACC is doing what it can to show it's as stable as any power conference in college athletics.

In the meantime, ESPN will help the league launch ACC Network Plus, which will allow the league to stream many of its games live online through the WatchESPN platform. The SEC Network, the most recent conference channel to be created, is also supported with SEC Network + digitally.

McMurphy also notes that the new deal extends Notre Dame's contract to be a member of the ACC in every sport except football through the 2035-36 season. The Irish will continue to schedule ACC opponents in football and would be contractually required to join the league if it decided to give up independence and join a conference within the next two decades.

The reports come at an interesting time. Monday was the first of two media days for the Big 12, which does not have a uniform conference channel -- only Texas has the Longhorn Network partnership with ESPN -- and is still considering expansion. Big 12 presidents are expected to meet on Tuesday to discuss that topic.