LOS ANGELES (AP) - The company that owns NBC is pumping more money into the Olympic business, signing a deal with the 2028 Los Angeles organization as a “founding partner.”
Comcast, which bought NBC in 2011, joins Delta Airlines as the second major sponsor for the LA organizing committee. Financial details of the deal weren’t made public. Delta’s contract, signed last year, was worth a reported $400 million.
NBC is closing out a contract worth $4.38 billion for the 2012-2020 Olympics, and next year will start on a $7.75 billion deal that extends its rights through 2032.
The partnership adds another element to an agreement the parties reached in 2019 that packaged commercial time on NBC platforms with opportunities to sponsor the U.S. Olympic team through 2028.
When LA secured the 2028 Olympics, it essentially took over the marketing responsibilities for the U.S. team - a role normally held by the U.S. Olympic and Paralympic Committee.
Part of LA′s agreement with the USOPC was that it would provide the federation $488 million from 2021 through 2028. Some of those numbers have been shifted because of the coronavirus pandemic that delayed the Tokyo Games by a year.
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