Comcast Expands Olympics Partnership and Media Rights Deal

Comcast and International Olympic Committee Announce New Deal

The International Olympic Committee (IOC) and Comcast have agreed on a new deal that expands the company’s broadcast reach and extends its media rights for the Olympic Games through 2036. The agreement, valued at around $3 billion, elevates Comcast from a media rights holder to a "strategic partner."

Partnership Details

The new deal allows Comcast to broadcast the 2034 Winter Olympics in Salt Lake City and the 2036 Summer Olympics in a not-yet-determined city. The agreement also grants Comcast the rights to broadcast the Olympics on its Peacock streaming service. The company will also work with the IOC to develop broadcast infrastructure, in-venue distribution, and U.S. digital advertising.

IOC President’s Statement

IOC President Thomas Bach praised the agreement, saying, "This agreement with Comcast is groundbreaking because it goes far beyond the traditional media rights agreement which we have had for many years with our valued partner. The media landscape is evolving rapidly, and, by partnering with one of the world’s leading media and technology companies, we will ensure that fans in the United States are able to experience the Olympic Games like never before."

Comcast’s Vision

Comcast Chairman and CEO Brian Roberts emphasized the importance of technology in the deal, saying, "We live in a time when technology is driving faster and more fundamental transformation than we’ve seen in decades. This groundbreaking, new, long-term partnership between Comcast NBCUniversal and the International Olympic Committee not only recognizes this dynamic but anticipates that it will accelerate."

Peacock’s Role

The deal is part of Comcast’s efforts to use live sports to drive subscriptions to its Peacock streaming service. NBC will spend around $2.5 billion per year to carry a package of NBA games starting next season.

Olympics Viewership

During last year’s Summer Olympics in Paris, the push toward Olympics coverage on Peacock appeared to pay off for the company. Over 30 million people watched the Olympics on NBC’s television and streaming platforms, and advertising revenue came in at a record $1.2 billion.

Conclusion

The new deal between Comcast and the IOC marks a significant milestone in the evolution of Olympic broadcasting. With its expanded reach and extended media rights, Comcast is poised to bring the Olympic Games to a wider audience than ever before.

FAQs

Q: What is the value of the new deal?
A: The deal is valued at around $3 billion.

Q: What are the key terms of the agreement?
A: The agreement grants Comcast the rights to broadcast the 2034 Winter Olympics in Salt Lake City and the 2036 Summer Olympics in a not-yet-determined city. Comcast will also work with the IOC to develop broadcast infrastructure, in-venue distribution, and U.S. digital advertising.

Q: How will Comcast use the Olympics to drive subscriptions to its Peacock streaming service?
A: Comcast will use live sports, including the Olympics, to drive subscriptions to Peacock. NBC will spend around $2.5 billion per year to carry a package of NBA games starting next season.