LAUSANNE, Switzerland – General Electric Co. extended its global Olympic sponsorship through 2020 on Wednesday in a four-games deal worth hundreds of millions of dollars.
The International Olympic Committee said the U.S. conglomerate will continue as a top-level sponsor for the 2014 Winter Games in Sochi, the 2016 Olympics in Rio de Janeiro and the 2108 Winter Games and 2020 Summer Olympics. The 2018 and 2020 host cities haven't been selected yet.
GE joins Coca-Cola, Dow, Omega, Procter & Gamble and Visa as sponsors through 2020.
The deal was announce three weeks after NBC — formerly controlled by GE — secured the U.S. broadcast rights to four Olympics through 2020 for $4.38 billion.
The value of Wednesday's deal wasn't announced but IOC sponsorships usually go for up to $100 million for four years.
In 2003, GE signed on as a sponsor of the 2010 Winter Games in Vancouver and 2012 London Olympics for $200 million. That was on top of NBC's $2 billion deal for the 2010 and 2020 U.S. TV rights.
NBC was taken over by cable giant Comcast earlier this year
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.
"Over the years, GE has become a vital part of the efforts to deliver sustainably responsible Olympic Games," IOC President Jacques Rogge said in a statement. "We are delighted to continue our work with them."
GE CEO Jeff Immelt said: "The Olympic Games provide a unique opportunity to showcase our innovative technologies and services."
The IOC has 11 global sponsors for the London Olympics. Three have extended through 2016 and six through 2020.
The IOC has secured close to $1 billion in sponsorship revenue for the current four-year cycle through 2012.
The host city for the 2018 Winter Games will be decided next Wednesday in Durban, South Africa. The three candidates are Pyeongchang, South Korea; Munich and Annecy, France. The 2020 host will be chosen in 2013.
(This version CORRECTS Corrects spelling of Procter in the third paragraph.)
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