London 2012: Canada's CBC/Radio Canada Secures 2014 and 2016 Olympic Rights

9:40 AM PDT 8/1/2012 by Etan Vlessing

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The Canadian pubcaster will air the Sochi and Rio de Janiero Games after losing out to rivals Bell Media and Rogers Media to broadcast the Vancouver and London Games.

TORONTO – Canadian broadcaster CBC/Radio Canada has grabbed the local TV rights to the 2014 Winter Games and the 2016 Summer Games.

Canada's CBC and Bell Media Pull Out of 2014 and 2016 Olympic Rights Bidding

London 2012: Canadians Pleased with Local Olympic Coverage

After protracted negotiations with the IOC, the pubcaster won back the Olympic rights after losing them to rival Bell Media and Rogers Communications for the 2010 and 2012 Games.

"This is excellent news for Canadians across the country who will once again experience the Olympic tradition with their public broadcaster," CBC president Hubert Lacroix said in a statement.

The CBC didn’t disclose its winning bid, but sources close to the negotiation indicate a license fee with the IOC was worked out that will be “cost-neutral” for the pubcaster, and still hold out the possibility of profits.

“We’ve been in the business of the Olympics a long time, so we’re secure we made the right deal,” Kirstine Stewart, executive vp of English television, added Wednesday.

The CBC has aired the Olympics 19 times, most recently at the 2008 Beijing Games.

The CBC earlier submitted a joint bid with Bell Media for the 2014 and 2016 in the $75 million range that was rejected by the IOC, leading the pubcaster back to the negotiating table with a revised offer.