Bridgestone has signed on to become a worldwide sponsor of the Olympics in a six-year deal valued at $344 million. The Japan-based tire company is the first new sponsor in The Olympic Partner program signed by the International Olympic Committee since 2010.
The Asahi Shimbun, a Japanese publication, first reported the deal.
Bridgestone and the IOC are expected to announce the TOP deal when IOC President Thomas Bach visits Tokyo this month, sources said. The IOC could not be reached for comment.
Bridgestone, which was founded in Japan in 1931, has a market cap of $27.6 billion. It is a major sponsor of sports in North America and has deals with the NHL, MLB and the IndyCar Series.
It is the second Japanese company to become a TOP sponsor. Panasonic has been a TOP sponsor since the program’s inception in the 1980s.
It recently signed an extension through 2024 that is valued at close to $200 million over four years.