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. Last Updated: 07/27/2016

$2Bln for Olympic TV Rights?

LAUSANNE, Switzerland -- The Olympics' magic number is 2 -- make that $2 billion. That's the record figure that could be reached when U.S. networks bid for the rights to the 2010 and 2012 Games.

In the first U.S. rights negotiations in eight years, the parent companies of ABC, Fox and NBC were to make their pitches to the International Olympic Committee on Thursday and Friday.

Network executives will submit financial offers in sealed envelopes to IOC president Jacques Rogge on Friday afternoon. Rogge and a small group of experts will immediately begin examining the bids and could announce a decision by Sunday.

NBC, in the midst of a deal covering all the Olympics from 2000 to 2008, is considered a favorite because of its status as incumbent, known quantity and close partner of the IOC.

In a pair of stunning deals in 1995, NBC secured the rights for five Olympics for a total of $3.5 billion. Those negotiations, under former IOC president Juan Antonio Samaranch, took place in secret without the other networks getting a chance to bid.

This time, Rogge has pledged an open process giving everyone a fair shot.

NBC paid a total of $1.5 billion for the rights to the 2006 Winter Games in Turin, Italy, and 2008 Summer Olympics in Beijing.