The Fox Broadcasting Company has scheduled a press conference in Los Angeles at 1 p.m. ET for what they describe as "one of the biggest announcements in FOX Sports history." By coincidence, Dana White announced on Tuesday via Twitter that he had arrived in LA, and reports indicate that White has UFC welterweight champion Georges St. Pierre, lightweight champion Frankie Edgar, and former light heavyweight champion Rashad Evans in tow.

You can watch the press conference on the FX website. (Just ignore the "UFC" in the URL, it's a surprise!) We'll be updating this post, and you can also follow Mike Fagan on Twitter.

Sports Business Daily broke the story on Tuesday, indicating that the UFC and Fox had agreed on a broadcast deal worth $90M/year for either seven or eight years. Fox will broadcast up to four UFC events annually, and all current Spike TV and Versus programming will move over to cable channels FX and Fuel TV.