GE today announced it has extended its IOC TOP sponsorship through '20 in a four-Games deal "worth hundreds of millions of dollars," according to the AP. Financial terms of the agreement were not announced, but TOP sponsorships "usually go for up to $100 million for four years." The announcement comes "three weeks after NBC -- formerly controlled by GE -- secured the U.S. broadcast rights" to four Olympics through '20 for $4.38B. GE officials "accompanied the NBC delegation at this month's TV bidding in Lausanne, but the IOC decided to do the sponsorship deal separately this time." The IOC has 11 TOP sponsors for the '12 London Games. Three have extended through the '16 Rio de Janeiro Olympics, and six other deals go through '20. The IOC "has secured close to $1 billion in sponsorship revenue for the current four-year cycle" through '12 (AP, 6/29). IOC Marketing Commission Chair Gerhard Heiberg today revealed that "talks are underway to conclude" extensions with TOP sponsors McDonald's and Acer, as well. Heiberg: "They are interested, so we are talking. We want to extend to Sochi 2014 and 2016, maybe 2018 and 2020." He also said that the IOC is "working to finalise an additional TOP partner" for London. Heiberg: "We are still talking to companies and in a couple of months time I hope to reach a deal with one more company" (AROUNDTHERINGS.com, 6/29).
CAN YOU FEEL THE ELECTRICITY? GE Chair & CEO Jeffrey Immelt this morning said that his company's sponsorship of the Sochi Games "will likely bring 'good' infrastructure orders" for GE. Immelt, in Moscow to sign the TOP extension with the IOC, said he is "quite bullish" about Russia business prospects." He is "expected to meet with top Kremlin officials" later today (WSJ.com, 6/29).
