There was some big business news earlier today when IMG Worldwide Inc., a global sports, entertainment and media company announced that it has aquired ISP Sports.

How does this relate to Arkansas? ISP is the media and marketing provider Arkansas athletics.

The Razorbacks are entering the third year of their 10-year, $73 million contract with the company. ISP and Arkansas announced the deal in Aug. 2008, which also led to the creation of Razorback Sports Properties.

Arkansas is one of six SEC schools under contract with ISP, a Winston-Salem, N.C., based company. Other NCAA schools under the ISP umbrella include Alabama, Auburn, Georgia, South Carolina and Duke.

So what happens now that IMG Worldwide has acquired ISP Sports?

Ryan Gribble, the assistant vice president and general manager of RSP said nothing new, really. But Gribble added that being under IMG’s global umbrella — the company’s website said it is currently operating in 30 countries — should be good news for marketing the Razorbacks.

IMG’s college division includes schools like Florida, Michigan, Kentucky, Nebraska, Ohio State, Tennessee and Kansas. IMG also is the managing partner of NCAA Football and the Southeastern Conference.

“This is a really big deal,” Gribble said. “… If anything, it enables us to promote and market the Razorbacks on a much larger scale having the brand of IMG behind it and all of their properties.”

UPDATE – Here is a quote from Jeff Long, who says in a statement Arkansas’ contract remains intact.

“We are looking forward to continuing our multimedia rights partnership with the new IMG College Sports Division,” Long said. “With the merger of these two nationally respected companies, the University of Arkansas will maintain its relationship with the premier multi-media rights holder in intercollegiate athletics.  I have had the opportunity to work with Ben Sutton on several occasions throughout my career and have great confidence in Ben’s leadership. I am pleased he will continue to serve as the president of the combined venture.   We will work with the new company under our existing ISP agreement.  Our contract remains intact and we look forward to continuing to work together to grow our relationship and our brand.”

If you want to read more about the story, here’s a link to the IMG news release.

Also, here’s a story written by USA Today on IMG’s emergence in college sports.