Last year VANOC secured an unprecedented broadcasting rights payments deal with the IOC. The IOC had told VANOC that they would receive approx. $450M US in television rights payments, but Dave Cobb, VP of Marketing, and John Furlong, VANOC's CEO, negotiated that up to a figure reaching almost $600M CDN.
However, a deal between the IOC and China has just been signed for the 2010 and 2012 Olympic Broadcasting Rights reportedly in the three-figure multi-million dollar region. Prior to this China has been broadcasting under an existing licensing arrangement for a reported $18.5M.
This late rights deal may not benefit Vancouver 2010 though, in terms of contribution to the budget in light of the previously negotiated contract with the IOC. The contract could potentially be renegotiated though or at the very least the payment VANOC has to make to the IOC for the rights of nearly $200M could possibly be reduced or the one-time payment from the IOC of $35M to the $100M VANOC Contingency could possibly be increased.
The IOC negotiates rights broadcasting for 2 Olympic sets at a time. The previous set which included the 2006 Turin Winter Olympics and the 2008 Beijing Summer Olympics has generated approximately $2.6B in revenue. The 2010 Vancouver Winter Olympics and 2012 London Summer Olympics are expected to fetch close to $4B.
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