Comcast grabs Olympic rings for promotions

Tightening its multibillion-dollar ties to the Olympics, Comcast Corp. has inked a deal as an "official sponsor" of Team USA that will allow it to use the Olympics rings in its advertising.

As head of Comcast Corp., CEO Brian Roberts has agreed to pay about $12 billion for the U.S. TV rights for the Olympics through 2032. Ratings for the most recent Olympic games in Rio were lower than London. But NBCUniversal officials also said the games were profitable.

Though Comcast has been closely associated with the Olympics because of NBC, the cable giant couldn't use the Olympic multi-colored rings in its promotions. The rings will be used for the Comcast and Xfinity brands.

Comcast signed the deal as a domestic partner with the United States Olympics Committee, based in Colorado. Terms were not disclosed.

Roberts said in a statement it was an "honor and privilege" and "we look forward to creating new and wonderful Olympic experiences for years ago come."

There are 28 domestic sponsors for the Team USA, according to its web site, including Hershey, Budweiser and Hilton.