L.A. and Paris are "neck and neck" in their race to host the 2024 Olympic Games, and Discovery Communications, the holder of Europe’s broadcasting rights, is "hedging" its $1.4B bet on which city and time zone will prevail, according to Tariq Panja of BLOOMBERG. Discovery’s Eurosport is "trying to strike a deal" with French broadcasters before the final decision is made in September, according to a source. Should it be Paris, the winning French channel "could get the world’s biggest sporting event at a discount on home soil." But if L.A. is picked and the Games are not in European time zones, "it means the French channel will have overpaid." Olympic sponsor advising firm Synergy CEO Tim Crow said that Eurosport's rights would be faced with a “huge financial hit” if the Games are in L.A. because a large proportion of the events would be broadcast in the early morning. Crow: "You could say it would lose over half its value." NBC has tied up broadcasting rights for the U.S., the "most lucrative market by far," but it is the "first time a single network has owned television rights across Europe." While the Olympic rights "catapult the broadcaster into the mainstream," the importance of the deals "reflect the state of the embattled Olympic movement, which relies on television contracts for about three-quarters of its revenue." A Paris victory followed by a U.S. Games is "likely to suit the beleaguered IOC best." Crow said that it would mean negotiations for the next set of European TV rights "could take place before 2024 and ahead of 2028 in the U.S." (BLOOMBERG, 4/13).
