CBS And Time Warner Considering Joint Olympics Bid
This story was written by David Kaplan.
CBS (NYSE: CBS) and and Time Warner's Turner Networks are in discussions about making a joint bid for the broadcast rights for 2014 and 2016 Olympic Games, AP confirmed. Both media giants caution that the talks are merely exploratory and no plans have been put in place. NBC Universal (NYSE: GE) has the rights to the 2012 games, having beat Fox and ESPN/ABC with a $2.2 billion bid back in June 2003. NBC has had rights to the games since 1988. Considering the ratings success it had across its broadcast, cable and online, it will likely put up a fight to continue its Olympics run. Still, it's hard to imagine what shape all the major networks will be in next year, given the likelihood that the economy will remain in a severe recession. The talks between CBS and Time Warner (NYSE: TWX) will likely spur the other parties to examine the prospects of a collaborative deal.
By David Kaplan