SCOTTSDALE, Ariz. (AP) — The Pac-12 reported revenues of $509 million for the 2016-17 financial year, surpassing $500 million for the first time.

The conference announced Thursday at its spring meetings that it distributed $371 million to its 12 schools, an increase of 8 percent from the previous year. Most of the increase is driven by media rights deals with ESPN and Fox, and the growth of the Pac-12 Network. Since 2013, member distributions have increased by 63 percent, the conference said, from $228 million. Total revenue has grown 53 percent.

The television deal with Fox and ESPN was signed in 2012.

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