The Olympics will be staying under the Comcast umbrella well into the 2030s.
NBC Sports announced on Thursday that Comcast has extended its media rights deal with the International Olympic Committee to include the 2034 Winter Olympics in Salt Lake City and the 2036 Summer Olympics. The deal is valued at $3 billion, per the announcement.
Comcast’s current deal extends through the 2032 Summer Olympics in Brisbane. Currently, the company pays around $1.4 billion per Olympic cycle, meaning the extension includes a modest rights increase to around $1.5 billion per cycle.
Comcast says the extension is a “major contribution to the long-term financial stability of the entire Olympic Movement.”
The new deal will keep Olympics programming on NBCUniversal platforms, including the NBC broadcast channel and Peacock. Comcast is currently in the process of spinning off most of its cable assets, so the Olympic future of networks such as CNBC and USA are uncertain.
The announcement also states that the extension will provide additional value to the Olympic Broadcasting Services (OBS)
“With immediate effect, the new partnership provides additional value, including: building on Comcast’s expertise in technology infrastructure, connectivity and media to support the delivery of the Olympic Games; support for the in-venue distribution of the live TV coverage of Olympic Broadcasting Services (OBS); support to OBS in the production of the Olympic Video Player; collaboration on digital advertising opportunities in the United States; the IOC benefiting from Comcast’s investment in relevant and innovative start-ups…”
The extension will allow Comcast/NBCUniversal to guarantee broadcast rights for an additional Olympics in the United States; the 2028 summer games are scheduled for Los Angeles while the 2034 winter games will be in Salt Lake City, Utah.
NBC was widely praised for its recent coverage of the 2024 Paris Olympics, introducing broadcast options like Gold Zone which resonated with fans.
IOC President Thomas Bach and Comcast CEO Brian Roberts provided statements in the release.
IOC President Thomas Bach 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. Thanks to their innovative approach, serving on all platforms from linear to streaming and digital, we can now take our partnership to new heights for the benefit of athletes, Olympic stakeholders, Organising Committees and fans. 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 Chairman and CEO Brian Roberts said: “There is no event like the Olympics. Its power to bring joy, and the unifying spirit it embodies, are truly unique. 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. It is our honour to continue to bring the full power of our company’s expertise in creating and distributing content that connects with Americans, as well as to begin to provide even more innovative technological support and solutions to the IOC and its stakeholders in areas that benefit athletes and the many people dedicated to organising the Olympic Games around the world.”
NBC has aired every Summer Olympics since 1988, picking up the Winter Olympics in 2002. At the completion of this deal, the network will have been the primary Olympics broadcaster for nearly 50 years.