When NBC set a long-term deal to carry the Olympics through 2032, it seemed like a savvy deal.
Kamila Valieva, of the Russian Olympic Committee, reacts after the women's free skate program during the figure skating competition at the 2022 Winter Olympics, Thursday, Feb. 17, 2022, in Beijing. – There were many reasons to think NBC made a savvy business deal in 2014 when it locked up the American media rights to the Olympics through 2032 for $7.75 billion.
Network executives say there are no plans to try and adjust or escape from its rights deal. Several experts say that would be unlikely, given how live sports are increasing in value and represent one of the few ways advertisers can gather large audiences to sell automobiles or beer. NBC Olympics President Gary Zenkel talks optimistically about future games in Paris, Italy and Los Angeles.
That’s even with the average inflated by airing directly after the Super Bowl, a night that brought in 24 million viewers. While there has long been corruption in the bidding process for the Olympics, the Valieva episode tarnished the actual competition, Billings said.For NBC, “this feels like a particularly vulnerable moment,” said someone closely involved with the Olympics and television, who spoke on condition of anonymity because of ongoing business ties.
Bevacqua and NBC realize there is work ahead to build an Olympic brand that has been tarnished over the past six months. Between cord-cutting and changed viewing habits due to streaming, the media world is in the midst of revolutionary change in how entertainment is consumed. Live sports is one of the few dependable ways to get people to turn on their televisions. Even though rights fees are rising astronomically and viewership is going down, few media companies regret these investments, said Neal Pilson, a former CBS Sports president who runs a sports consulting company.
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