Media and Money

Posts Tagged ‘NBC Universal reports that on On October 2, members of the International Olympic Committee (IOC) will meet in Copenhagen to decide the host city for the 2016 Summer Olympics. Officials from Chicago, which is competing against Rio de Janeiro, Madrid, and Tokyo for the Olympic prize, are working feverishly to perfect their pitch down the homestretch. The Chicago delegation just returned from Africa, where it made a presentation to the Olympic executives of that continent. President Obama himself sent a video message, asking the Africans for their vote.

Chicago’s bid has received positive feedback, and many consider the Windy City the favorite to win the Games. So why, less than three months before the vote, is the Olympic governing body of the United States ticking off the very officials that will decide Chicago’s fate, in a move that could cost an American city the Games?

The U.S. Olympic Committee (USOC), on July 8, announced that it had signed an agreement with Comcast to form the U.S. Olympic Network, which will provide year-round coverage of Olympic sports. According to the USOC, the network would launch sometime after the 2010 Vancouver Games. One problem: such a network could compete with NBC, which is paying $2.2 billion to broadcast the 2010 and 2012 Olympics. The network accounts for roughly half of the IOC’s global broadcast rights fees, and NBC will surely be among the bidders for the 2014 and 2016 Olympics as well. Plus, NBC wanted the USOC to partner with its own cable network, Universal Sports, for Olympic programming. NBC is irked, and the IOC doesn’t like to see its sugar daddy sulking.
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Rupert Murdoch, News Corp CEO walks outside the during the Sun Valley media conference in Idaho July 9, 2009.

Rupert Murdoch, News Corp CEO walks outside the during the Sun Valley media conference in Idaho July 9, 2009.

I am starting to wonder what will come from this year’s Allen and Co.’s annual media summit. What progress-if any- has been made that will create opportunities for media professionals across this country? The following statements from the top media CEOs strengthens my call to action that if the top media executives can’t figure how their companies will emerge from this recession, it is time for the next generation of media professionals and companies to step up to the challenge.

Here are some of the responses from the top industry execs on the Sun Valley media summit:
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