Comcast (CMCSA.US) extends its Olympic partnership: Media rights deal extended to 2036.

Comcast (CMCSA.US) and the International Olympic Committee (IOC) have reached a groundbreaking agreement that will expand Comcast's broadcast rights and extend its Olympic media rights through 2036, the committee announced at a press conference on Thursday. The deal, worth approximately $3 billion, will elevate Comcast from a media rights holder to a "strategic partner," the committee stated.

Thomas Bach, IOC president, said in a statement: "The agreement with Comcast is a significant milestone, as it goes far beyond the traditional media rights agreements we have signed with this important partner over the years. The media landscape is rapidly evolving, and by partnering with the world's leading media and technology company, we will ensure that American audiences can experience the Olympic Games in a way they have never experienced before."

Comcast's previous deal with the IOC was due to expire after the 2032 Winter Olympics in Australia's Brisbane. Under the new agreement, Comcast will gain the broadcast rights to the 2034 Winter Olympics in Salt Lake City and the 2036 Summer Olympics in an undetermined city.

The deal comes as Comcast and its subsidiary NBCUniversal are planning to leverage sports broadcasts to drive subscriptions for its streaming service Peacock. NBCUniversal will pay $2.5 billion a year to acquire the broadcast rights to NBA games starting next season.

Peacock's efforts to stream the Olympics during last year's Paris Summer Games appeared to be successful, with over 30 million people tuning in on NBC's television and streaming platforms, generating record-breaking advertising revenue of $1.2 billion.