McDonald's extends Olympic sponsorship
McDonald's Corporation extended its global Olympic sponsorship for eight more years on Friday to remain a top-level sponsor through the 2020 Summer Games.
McDonald's and the International Olympic Committee didn't reveal financial details of the deal, which is worth hundreds of millions of dollars.
McDonald's has been an IOC sponsor since 1976, and will now continue for the 2014 Winter Games in Sochi, the 2016 Summer Olympics in Rio de Janeiro, the 2018 Winter Games in Pyeongchang, and the 2020 Summer Olympics.
"We are very proud of our long-standing partnership," said Don Thompson, McDonald's president and chief operating officer. "It's great to see how we evolved from a national sponsor to a worldwide partner over these years. Every dimension of our partnership shares the same values: excellence, team work, giving your best."
McDonalds became the seventh top-tier sponsor to renew its partnership with the IOC through 2020 following Coca-Cola Co., Dow Chemical Co., General Electric Co., Omega, Proctor & Gamble Co. and Visa Inc.
IOC President Jacques Rogge was "extremely happy" with the renewal of the sponsorship deal.
"We have a really fruitful cooperation," Rogge said. "It goes beyond financial support, it's also about activating people on local and regional levels and about bringing the love of sport to young people."
The IOC has 11 global sponsors for the London Olympics. Three have extended through 2016 and seven through 2020.
The IOC has secured close to $1 billion in sponsorship revenue for the current four-year cycle through 2012.
The deal was announced on the opening day of the inaugural Winter Youth Olympic Games.
McDonald's executive vice president Kevin Newell said the restaurant chain will use the extended partnership to introduce several new programs.
"We will bring more relevant and meaningful Olympic programs," Newell said. "They are focused on balanced eating and fun play for children ... We will be bringing children from all over the world together and involve them and their families into the sport."