NBC, Seoul Sign $300-Million Pact for Olympic Rights

NBC and the Seoul Olympic Organizing Committee today signed a $300-million contract for exclusive U.S. television rights to the 1988 Summer Olympics, the network and officials of the organizing committee announced.

“The ink is finally on the contract,” NBC Sports spokesman Tom Merritt said. It was announced last Oct. 3 that the network had been awarded the TV rights.

The Seoul committee had originally hoped to get about $600 million for its television rights, but the three major American television networks made bids far lower than expected.

The 14-hour time difference between Seoul and the U.S. Eastern time zone means many events may have to be shown on tape rather than live.