Comcast and the International Olympic Committee have reached a new $3 billion agreement that extends Comcast’s media rights for the Olympic Games through 2036. This deal elevates Comcast from a media rights holder to a strategic partner of the IOC. The partnership will involve collaboration on broadcast infrastructure, in-venue distribution, U.S. digital advertising, and more. This agreement is seen as groundbreaking as it aims to enhance the way fans in the United States experience the Olympic Games.
The new deal grants Comcast the rights to broadcast the 2034 Winter Olympics in Salt Lake City and the 2036 Summer Olympics in a city that has not been determined yet. This partnership is part of Comcast’s larger strategy to use live sports to drive subscriptions to their streaming service Peacock. NBC, a unit of Comcast, will spend about $2.5 billion per year to carry a package of NBA games starting next season.
During the last Summer Olympics in Paris, NBC’s push towards Olympics coverage on Peacock seemed to have paid off, with over 30 million people watching the Olympics on NBC’s television and streaming platforms and a record $1.2 billion in advertising revenue coming in. This new long-term partnership between Comcast NBCUniversal and the IOC recognizes the rapid evolution of the media landscape and aims to anticipate and accelerate this transformation.
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