Boston’s schools and libraries stand to win big from a franchise deal reached on May 11 between the city and a local cable company.

With competition from a rival company looming, Cablevision Systems Corp.–which has served as Boston’s primary cable television provider for 15 years–negotiated a 10-year extension of its franchise status with the city. One of the terms of the agreement requires the company to offer free cable modems and internet access for the city’s public schools and libraries.

A statement issued by Boston Mayor Thomas Menino’s office said the deal marks a tenfold increase in transmission capacity over current internet access for the city’s schools. Menino estimated the value of Cablevision’s donation to schools to be several million dollars per year.