Comcast and the International Olympic Committee have agreed on a new deal that expands the company’s broadcast reach and extends its media rights for the Olympic Games through 2036.
In a Thursday news release, the committee said the roughly $3 billion agreement elevates Comcast from a media rights holder to a “strategic partner.” Comcast and the organization will collaborate on broadcast infrastructure, in-venue distribution and U.S. digital advertising, among other items, the IOC said.
“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,” IOC President Thomas Bach said in the announcement. “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 previous agreement with the Olympic committee would have terminated after the 2032 Olympics in Brisbane, Australia. The new deal grants Comcast the rights to broadcast the 2034 Winter Olympics in Salt Lake City as well as the 2036 Summer Olympics in a not-yet-determined city.
“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 recognises this dynamic but anticipates that it will accelerate,” Comcast Chairman and CEO Brian Roberts said.
The deal comes as Comcast and its NBCUniversal unit aim to use live sports to drive subscriptions to the streaming service Peacock. NBC will spend about $2.5 billion per year to carry a package of NBA games starting next season.
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.
Disclosure: Comcast is the parent company of NBCUniversal and NBC News.
