August 18, 2014 10:54
Samsung Electronics vice chairman Lee Jae-yong and International Olympic Committee President Thomas Bach on Sunday extended Samsung's global sponsorship of the Olympics for another four years.
The two met in Nanjing, China.
The Korean electronics giant will be an official sponsor of the 2018 Pyeongchang Winter Olympics and the 2020 Summer Games in Tokyo.
Samsung has been a sponsor of the Olympics in terms of mobile communications equipment since 1997. The deal will expand to personal computers, laptops, tablet PCs and printers starting with the Winter Olympics in Pyeongchang.
At present, 10 companies, including Coca Cola, Panasonic, Visa and GE have sole Olympic marketing rights under the Olympic Partner Programme. The practice raised some eyebrows because some huge corporate sponsors tend to be overzealous in guarding their privileges, to the point of banning any other products from being sold near or taken into the venues.
Samsung is the only Korean sponsor under the programme and its ailing chairman Lee Kun-hee is an IOC member.
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