Chinese video sharing platform Youku, a subsidiary of e-commerce giant Alibaba Group, has struck a sublicensing deal with state broadcaster CCTV for rights to the upcoming summer Olympic Games in Rio de Janeiro.
The Yutang Sports news website said Youku has acquired internet media rights to Rio 2016 from CCTV, the International Olympic Committee’s long-time rights partner in China.
Youku will reportedly provide coverage of Rio 2016 through a bespoke channel sponsored by beer brand Snow entitled ‘Cheers, Rio!’ The agreement is thought to be worth around RMB100m (€13.6m/$15m).
Chinese internet company Tencent sealed a similar sublicensing deal with CCTV earlier this week.