USOC and NBC Agreement -- August 4, 1997

NEW YORK - General Motors announced a major, multiyear sponsorship deal with the U.S. Olympic Committee and NBC. The agreement, which will run from 1998-2008, sets a sports sponsorship record, eclipsing Coca-Cola's 5-year, $250 million agreement with the NFL. NBC made a similar investment in 1995 when it agreed to pay $3.5 billion for the U.S. rights to all Olympic broadcasts from 2000-2008. GM, which paid $40 million as a sponsor of the 1996 Atlanta Olympics, is expected to be the first of many companies willing to make extended Olympic commitments. The USOC is trying to raise $1 billion by 2002. It anticipates that 65% of that sum will come from the corporate sector.