Tokyo Chosen as 2020 Summer Olympics Host City

The Olympics

To hold on to the Olympic Games from 2014 through 2020, NBC will spend $4.38 billion — with the 2020 Summer Games costing $1.4 billion. (In 2000, the Sydney Games cost just $705 million.)

The International Olympic Committee announced the results of their vote in 2018 destination Buenos Aires.

Faced with a choice between Istanbul, Madrid and Tokyo, the International Olympic Committee announced Saturday that Tokyo will play host to the 2020 summer games.

Though all three cities presented reportedly solid plans to accommodate the influx of people, necessary infrastructure and monumental construction efforts, Istanbul's chances were recently hampered by bad publicity from violent street protests and an outbreak of doping scandals among Turkish athletes. 

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The 2020 summer games, the last outing in NBC's current contract to broadcast the biennial sporting event, comes with the biggest TV rights price tag in Olympic history. NBC outbid Fox back in 2011 to keep the games for at least four more installments, shelling out $4.38 billion. The individual price on 2020 is $1.418 billion.

Risings costs, thus far, have been worth it for the broadcaster. Following last year's London games, NBC said it broke even and expects profits from the 2014 winter games in Sochi, Russia.

And the ratings have been undeniably strong. The 2012 games rank as the most-watched event in U.S. television history. A whopping 219 million tuned in, outpacing the previous record of 215 million set by the 2008 Beijing Olympics. Nightly viewership averaged 31.1 million viewers, obliterating all TV competition for more than two weeks.