The Associated Press (AP) reports that CBS released a statement Monday saying it has withdrawn from bidding for TV rights to the 2010 and 2012 Olympic Games.
The announcement came just three days before the bids were to be submitted to the International Olympic Committee (IOC).
The network said in a statement “CBS is the best-positioned network in terms of overall programming and sports lineup. With all of the uncertainties surrounding two events that don’t conclude for another nine years, committing significant rights and production expenses to the 2010 and 2012 Olympic Games is not the best use for our resources”.
This leaves the parent companies of ABC-ESPN, NBC and Fox to bid for the broadcast rights to the 2010 and 2012 Games Thursday and Friday in Lausanne Switzerland. According to AP, bidding could possibly top $2 billion.
AOL Time Warner withdrew from the bidding last month. The company said it couldn’t meet the requirements set by the IOC.
