Nine will replace Seven as the Australian broadcaster of the next three summer Olympics, inlcuding the Brisbane 2032 edition of the world’s biggest sporting event.
Media reports said Seven had conceded defeat in the bid, with Nine to pay more than $300 milion for the next three summer and winter Games.
The International Olympic Committee visited Australia earlier this year and are set to finalise an agreement for rights with a local television network in the coming weeks.
Insiders cited by Newscorp and the Sydney Morning Herald said Nine’s offer was around $100m higher than Seven’s.
News Corp said Seven chief executive James Warburton sent an all-staff email on Friday informing employees of the company’s decision to withdraw from the Olympics rights, which the network has held almost every year dating back to 1956.
It raised speculation on the impact the decision might have on cricket rights, which are also at a critical time in negotiations, with Nine and Seven locked in battle with 10 and its screening service Paramount.
Olympic Games are usually a loss-making event for a television network, it was reported.
The next group of events includes the Paris 2024 Olympics, the Los Angeles 2028 Olympics and the 2032 Olympics in Brisbane, as well as the Winter Olympic Games over this period.
Seven and Nine were joint broadcasters of the 1956 Olympic Games in Melbourne, which was the first to be televised in Australia. Since then, Seven has been the main broadcaster, televising events in the 1970s, 80s, and 90s.
Seven lost the rights from 2010 to 2014 to Nine.
Nine is already the rights holders of Australian Open tennis at a cost of upwards of $100 million a year and pays about $100 million for NRL rights.
The cricket rights would add around another $80 million a year to Nine’s outlay on sports broadcasting.
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