In the latest article from Marketing Magazine Online they share the latest news that the Ten Network has won the rights to broadcast the 2014 Winter Olympics to be held in Sochi, Russia.

The Australian Financial Review is reporting Ten paid an estimated $20 million for the rights to the game that will be held in February next year. As small business consultants we can understand the need for ten to pay this.

The article also explains that the International Olympic Committee (IOC) had tried to sell the Sochi Games as a package with the 2016 ­Summer Games in Rio de Janeiro without much success after the only clear bidder for the games, Network Seven, pulled out of the race last month.

While Seven West Media is believed to have launched an estimated bid of $80 million for the Rio Games, no network has been successfully won the rights from the IOC.

The IOC were reportedly asking for $120 million for the rights to both Games, the same figure Nine Entertainment Co and Foxtel paid for the 2010 Vancouver Winter Games and 2012 London Olympics.

Ten’s Olympic news comes only days after they lodged a $500 million offer to Cricket Australia for the next five-year cricket broadcast rights starting from 2013-14. As a marketing consultancy in Sydney we try bring you the latest news from around our country.