Comcast is shelling out $3 billion to keep the Olympics on NBC
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The International Olympic Committee (IOC) and Comcast (CMCSA-1.12%) NBCUniversal announced a new partnership today that will keep the Olympics on NBC and Peacock through 2036.
Under the new $3 billion deal, NBC will have the broadcast and streaming rights to the 2034 Winter Games in Salt Lake City and the 2036 Summer Olympics. The agreement builds on NBC’s previous contract, which runs through 2032, when the games will take place in Brisbane, Australia. Since the Tokyo Games in 1964, NBCUniversal has broadcast a total of 19 Olympic Games in the U.S.
IOC president Thomas Bach called the deal “groundbreaking,” noting that it “goes far beyond the traditional media rights agreement which we have had for many years with our valued partner.”
In addition to broadcasting rights, Comcast will now serve as a strategic partner to the IOC. This collaboration will allow the Olympic body to leverage Comcast’s expertise in technology infrastructure, connectivity, and media — including collaborations on digital advertising opportunities in the U.S., the companies said in a joint statement.
The deal “not only recognises this dynamic but anticipates that it will accelerate,” said Comcast chairman and CEO Brian Roberts in a prepared statement. “It is our honor to continue to bring the full power of our company’s expertise in creating and distributing content that connects with Americans, as well as to begin to provide even more innovative technological support and solutions to the IOC […]”
The announcement follows last summer’s Paris Olympics, which were a massive success for NBC and generated record advertising revenue for the network.
It also underscores the growing importance of live events for media companies—including streaming giants such as Netflix (NFLX-3.00%)—which are increasingly drawn to the massive audiences and advertising opportunities such programming provides.
