NBC BUYS OLYMPIC TV RIGHTS

NBC announced has obtained the exclusive broadcast and cable TV rights to the 2004, 2006 and 2008 Olympic Games for $2.3 billion. "What this purchase does is keep NBC the official Olympic franchise," says New York bureau chief John Moody. "For a cash-rich corporation like General Electric, which owns NBC, it is a power play that signals it intends to keep itself the leader in broadcast sports. They are taking a chance, however, because NBC is acquiring the rights before anyone even knows which cities will hold the games. If the games are held at a location with a 12-hour time zone difference, it could spell low ratings." Earlier this year, NBC signed a $1.27 billion deal which gave the network the broadcast rights to the 2000 Summer Games in Sydney, Australia and the 2002 Winter Games at Salt Lake City.