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NBC extends Olympics deal

NBC secured the U.S. broadcast rights to the Olympics through 2032 on Wednesday in a record six-games agreement worth $7.75 billion, a surprise deal that shuts out rival American networks and provides further long-term financial security to the IOC.

In a deal negotiated secretly over six months, the International Olympic Committee awarded the exclusive rights to NBC on all media platforms for three Summer Games and three Winter Games — a potential boost for a U.S. bid to host the games.

NBC already holds the rights through the 2020 Olympics in a four-games deal signed in 2011 for a then-record $4.38 billion.

There was no auction or open bidding this time, with only NBC making an offer. NBC had outbid Fox and ESPN in 2011 for the previous rights.

The new agreement goes into effect from 2021 and covers the Summer Olympics of 2024, 2028 and 2032 and the Winter Games of 2022, 2026 and 2030. The host cities for all those games have yet to be chosen.

The deal covers all media platforms, including free television, subscription TV, Internet and mobile rights. The deal is valued at $7.65 billion, plus an extra $100 million for promotion of the Olympics between 2015 and 2020.

“This agreement is excellent news for the entire Olympic movement as it helps to ensure its financial security in the long term,” Thomas Bach, president of the International Olympic Committee, said. “The IOC has worked in close partnership with NBC for many decades, and we are thrilled we will continue to work with them through to 2032.”

Steve Burke, CEO of NBC Universal, called it “one of the most important days in the history” of the network.

By 2032, NBC will have covered a total of 23 editions of the Olympics going back to the 1964 Summer Games in Tokyo. The network has broadcast every games since the 2000 Sydney Olympics.

The agreement could benefit a potential U.S. bid to host the Olympics. The U.S. hasn’t held the Summer Games since Atlanta in 1996. The U.S. Olympic Committee is currently considering cities for a possible bid for the 2024 Summer Games, which will be awarded in 2017.

The IOC and NBC said the deal was made without any guarantees of where the games will be held.

“The allocation or the election of the host city is not about money,” Bach said. “There are many more factors to be considered. We were signing this agreement even before the procedure for the 2024 has started.

“Having said this, a strong bid from the United States would be very much welcome, would be a very strong competitor. We have full confidence in our friends in USOC that they are following their procedure and then come up with a strong candidate for 2024.”

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