Comcast’s NBCUniversal said it’s working with advertisers on the fate of $1.25 billion in ad sales already committed to the just-postponed Tokyo Summer Olympics. Official sponsorship re…
Official sponsorship revenue flowing to International Olympic Committee, which industry experts calculate at around $6 billion but is separately from Comcast’s wheelhouse, will also have to be settled, making for a hefty all-around hit.
Advertisers are saying, “‘All of that money we had tied in, that is something that we can recoup at a time when we need to shore up the ship.’ So the $1.25 billion is all up for grabs. They’ll be trying to see what they can recoup, what will be shifted.” They’ll likely defer spending if they can “since every dollar counts.” It’s not clear what portion of that spend Comcast already has the bank.
“These funds are [also] in jeopardy,” said McDonald, calling the situation “completely unprecedented.” At a media conference in early March, Comcast CEO Brian Roberts said, “We try to anticipate for big events what might happen so that we’re protected there, and we also have insurance for any expenses we make. So there should be no losses should there not be an Olympics. There wouldn’t be a profit this year.” He said the company has insurance and “contractual protections.”
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