Comcast and the International Olympic Committee have reached a new agreement that extends the company’s media rights for the Olympic Games through 2036, in a deal valued at roughly $3 billion. This new partnership elevates Comcast from a media rights holder to a strategic partner of the IOC, allowing for collaboration on various aspects of broadcast infrastructure, in-venue distribution, and digital advertising in the United States. The agreement ensures that fans in the U.S. will have access to an enhanced Olympic Games viewing experience.
The previous agreement would have ended after the 2032 Olympics, but the new deal grants Comcast the rights to broadcast the 2034 Winter Olympics in Salt Lake City and the 2036 Summer Olympics in a yet-to-be-determined city. Comcast Chairman and CEO Brian Roberts emphasized the significance of the partnership in the rapidly evolving media landscape, driven by technology.
The deal comes as Comcast and NBCUniversal aim to leverage live sports to drive subscriptions to their streaming service, Peacock. NBC will be spending about $2.5 billion per year to broadcast a package of NBA games starting next season. The success of Peacock’s Olympics coverage during the last Summer Games in Paris, which attracted over 30 million viewers and generated a record $1.2 billion in advertising revenue, showcases the potential for the partnership to be mutually beneficial. Comcast’s position as the parent company of NBCUniversal and NBC News is disclosed in the announcement.
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