(ATR) The IOC says NBC will retain Olympic broadcasting rights through the 2020 Olympics.
Rights for the deal cost the network $4.38 billion.
The 2014 Games cost $775 million. 2016 are $1.226 billion, and $963 million and $1.418 billion for the 2018 and 2020 Games respectively.
The IOC had hoped to raise more than $2 billion from the U.S. rights for 2014 and 2016.
NBC has the rights for broadcasting on "every now known or to be known" platform, the network said at the press conference announcing the deal.
ABC and Fox were the other networks in the running.
The three networks presented sealed bids this afternoon at IOC headquarters in Lausanne.
CNBC,NBC's financial news network called the news "a bit of a surprise". The announcement is the top story on CNBC's website.
Written by Ed Hula.
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