(Reuters) - Walt Disney said on Tuesday its sports network ESPN has extended its exclusive media rights for College Football Playoff (CFP) for six more years, through the 2031-32 season.

The deal is valued at $7.8 billion, according to an ESPN report.

Disney, along with Warner Bros Discovery and Fox Corp, is set to launch a sports streaming venture this fall, in hopes of drawing in younger viewers.

Under the deal, ESPN will continue to be the home of the playoffs and CFP will expand from four to 12 teams starting this upcoming season (2024-25).

ESPN will broadcast the national championship game on ABC, in addition to ESPN's MegaCast.

The new agreement includes "expansive rights to simulcast or MegaCast CFP games across all Walt Disney Company platforms, including TWDC Direct-to-Consumer offerings," according to the release.

"This agreement further solidifies ESPN as the home of college football, as well as the destination for the vast majority of major college championships for the next eight years," ESPN Chairman Jimmy Pitaro said.

In January, ESPN and the National Collegiate Athletic Association (NCAA) agreed to a $920 million, eight-year extension to their media rights deal that covers 40 championships, including international rights to the "March Madness" college basketball tournament.

CFP has been part of ESPN since its launch in 2015.