LAUSANNE, Switzerland (AP) -- Mexican magnate Carlos Slim, the world's richest man, secured the Latin American broadcast rights Friday to the 2014 and 2016 Olympics.
The IOC said America Movil, the Mexican telecommunications company controlled by Slim, was awarded the rights to next year's Winter Games in Sochi and the 2016 Summer Olympics in Rio de Janeiro on all media platforms across Latin America.
Financial terms were not disclosed.
It's the first time the IOC has granted rights to America Movil. The Rio Games were in high demand because they will be the first Olympics held in South America.
"In 2016 the Olympic Games in Rio will be a significant moment in Olympic history, and we are very pleased to have reached this important agreement to ensure fans across the continent are able to have the best broadcast experience of the games," IOC President Jacques Rogge said in a statement.
The negotiations with America Movil were led by IOC finance commission chairman Richard Carrion of Puerto Rico.
"They demonstrated a clear passion for the Olympic values and are excited about the games coming to Latin America in 2016," he said. "We believe this is a great deal for our stakeholders."
Slim has been ranked the world's richest man four years in a row by Forbes. In the latest annual list, Slim's net worth increased to $73 billion from $69 billion a year earlier.
The countries covered by the IOC deal include Argentina, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela.
The IOC announced a separate agreement in 2009 for the 2014-2016 broadcast rights in Brazil. In a deal worth $210 million, TV Globo acquired the main rights across all platforms in partnership with Bandeirantes and Rede Record.
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