(ATR) The major TV networks in Australia have all rejected the IOC’s offer for the rights to the 2014 and 2016 Olympics.
Seven Network is the last of the three Australian networks to end discussions with the IOC for the rights to air the Sochi and Rio de Janeiro Games.
Cost is the issue, with the three broadcasters facing declining revenues. Nine Network, which aired the London Games, lost a reported $25 million, making it the first to decide not to bid again.
The Australian newspaper says the IOC has been seeking to match the money paid by Nine for the rights to London, probably in the range of $100 million.
Seven offered a figure comparable to what it paid for the rights to the Beijing Olympics, and reportedly abandoned negotiations when the IOC asked for a higher bid.
An IOC spokeswoman said it could not comment on what were termed as "ongoing discussions". Richard Carrion, the IOC member involved with the Australian negotiations, declined to comment.
Australia is the last of the large rights deals still open for 2014 and 2016. It is believed that this is latest the Australian rights have gone unsold so close to an Olympics with Sochi just 10 months away.
One factor that may influence an eventual deal with the IOC is the much more competitive battle underway for the rights to cricket, said to be worth upwards of $350 million. Once that deal is settled, the IOC may find more interest from the two networks left out of cricket.
As was done with London, the IOC may also agree to split the cost of the new rights package between the free-to-air network and a pay channel, which in the case of London was Foxtel.
The IOC could also sell only the rights to Sochi and wait longer for the market to improve for Rio 2016.
Written and reported byEd Hula
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