"The Match" from which the winner will emerge $9 million richer, will be available exclusively through CNN parent company Turner and its B/R Live streaming platform, AT&T's DIRECTV and AT&T U-verse.
In 2017, the fight between Floyd Mayweather Jr. and Conor McGregoar on pay-per-view cost $89.95 for standard definition, with high definition running about $10 more.
Hosted by MGM Resorts International at Shadow Creek in Las Vegas, the pair -- who have between them a combined 122 PGA tour wins and 19 majors -- will face off on November 23 over Thanksgiving weekend.
The pay-per-view event will also be distributed to several other cable and satellite operators, including Comcast and Verizon.
"Bleacher Report and its wildly-popular House of Highlights, which recently surpassed 10 million followers on Instagram, will offer comprehensive highlights and behind-the-scenes content," Turner said in a statement.
"HBO Sports and its groundbreaking 18-time Sports Emmy Award-winning 24/7 reality franchise will capture all the excitement leading up to the match and Turner's TNT will also televise programming with select content from the event in the weeks following the live competition."
During the match, Woods and Mickelson will also be able to activate side challenges -- such as the longest-drive or closest-to-the-pin -- for charity.
Woods leads the PGA Tour's all-time money list with $115,504,853 in career earning, with Mickelson in second place on $88,254,084.
Fourteen-time major winner Woods recently completed his comeback from a debilitating back injury and several surgeries to clinch the season-ending Tour Championship in September, ending a five-year title drought.
Mickelson, however, has been struggling for form and finished the 2018 season ranked 190th out of 193 players on the PGA Tour for driving accuracy.
Both endured a torrid time playing in the Ryder Cup, as Team USA was on the wrong end of a 17½-10½ hammering at the hands of Team Europe at Le Golf National in Paris, France.
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