Big 12 Conference Championship Football

Oklahoma plays Texas in the 2018 NCAA Big 12 Conference football championship in Arlington, Texas. Oklahoma and Texas both announced intentions to not renew their contracts with the Big 12. (AP Photo/Roger Steinman)

It's official.

In a joint statement released by Oklahoma and Texas on Monday morning, both universities announced that they do not plan to renew their grant-of-rights agreement with the Big 12 after it expires in 2025.

Both schools have notified the Big 12 of their plans, according to the statement.

Both universities released the same statement.

"The University of Oklahoma and the University of Texas at Austin notified the Big 12 Athletic Conference today that they will not be renewing their grants of media rights following expiration in 2025," the statement read. "Providing notice to the Big 12 at this point is important in advance of the expiration of the conference's current media rights agreement. The universities intend to honor their existing grant of rights agreements.

"However, both universities will continue to monitor the rapidly evolving collegiate athletics landscape as they consider how to best to position their athletics programs for the future."

This is a breaking news story and will be updated as the story develops.

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