There are only six games left to be played in March Madness, but the early parts of tournament have been a success from a ratings standpoint.
The Men's side, which is carried by Paramount's (PARA) CBS and Warner Bros. Discovery's (WBD) Turner Sports, hit a five-year high for viewership of an Elite Eight game when NC State upset Duke.
The Women's side, which Disney's (DIS) ABC and ESPN airs, smashed an all-time record for viewership of any Women's Basketball game when Iowa bested LSU in a rematch of last year's championship contest.
Related: Men's and Women's March Madness are hitting major milestones
But amid the growth of March Madness comes the decline of another tournament in March: The National Invitation Tournament (NIT). This tournament, which airs on ESPN, historically has featured the best teams to not make March Madness and also runs around the same time.
However, due to the emergence of the transfer portal in recent years, more and more teams have been passing on the tournament — including 17 teams on the men's side this year.
Fox is taking advantage of the drop in the secondary tournament's quality as the network announced on Wednesday, April 3 that it's teaming up with AEG to launch another Men's basketball tournament called "College Basketball Crown" starting in 2025 in Las Vegas.
The tournament will feature 16 teams, including a guaranteed two teams from The Big Ten, Big 12, and Big East — three leagues whose games it broadcasts on its networks.
This tournament takes a direct shot at the NIT tournament, and essentially ESPN as well, who just renewed a media rights deal with the NCAA in January that included NIT. The deal runs until 2032.
Though ESPN may not be too worried about the deal as it included the Women's March Madness tournament — one that could be severely undervalued if the results of this year can carry over for the rest of the deal.
Related: Women's basketball is gaining ground, but is March Madness ready to rival the men's game?
