Enriching their media rights bucket, Sony Pictures Network has added has bagged media rights of the upcoming Tokyo 2020 Olympic Games. After the announcement of the deal, this multi-channel sports network will be an official an exclusive broadcaster of the Tokyo 2020 Olympic Games in the Indian Sub-continent.
The sealing of the deal which is going to be announced very soon reaches at around $12 million.
Incumbent Star Sports which had paid $20 million for the 2016 Rio Olympic Games, as reported by insidesport.co earlier, had declined to exercise its first right to renew the media rights deal as the IOC was seeking a premium over the last values. The broadcasters were not ready to match the $20 million figure either.
There has been news reported in media, then the earlier incumbent Star Sports which has paid whopping $20 million for the 2016 Rio Olympic Game declined to renew their term with the IOA.
Other reason like a dull response from the advertisers has also demotivated the zeal of buying media rights value in India. However, a phenomenal excellent performance of Indian athletes and a relatively lesser favorable deal led the Sony Network India to seal the IOC deal.
The IOC-Sony deal will also include the broadcast rights for the 2018 Summer Youth Olympic Games in the Argentine Capital of Buenos Aires from October 6 to 18.