The fee is a huge increase on previous Olympics media rights deals in Brazil – Rede Record is paying $60 million for the rights for the 2010 Winter Games and 2012 Summer Games.
“This is an important announcement, not only for the IOC but for the Olympic movement as a whole,” said IOC president Jacques Rogge in a statement, as reported by newspaper USA Today. “Brazilians will be able to enjoy unparalleled coverage of the Olympic Games in 2014 and 2016. The agreement also represents an important increase in revenue for the Olympic movement.”
The deal includes $170 million of rights fees, and $40 million of media promotional packages.
Brazilian city Rio de Janeiro is one of the venues bidding to host the 2016 Games.
