Coca-Cola, China Mengniu Dairy Sign Olympic Deal
June 24 2019 - 4:09AM
Dow Jones News
By Martin Mou
Coca-Cola Co. (KO) and China Mengniu Dairy Co. (2319.HK) have
signed an agreement with the International Olympic Committee to
become IOC's top partners through 2032, the IOC said in a statement
on Monday.
The IOC did not disclose the value of the deal. The Financial
Times cited a person briefed on the negotiations as saying
sponsorship was worth up to $1.5 billion. It also cited people with
knowledge of the deal as saying the "overall value of the
partnership was closer to $3 billion, as both Coca-Cola and Mengniu
have also committing to additional media spending, such as running
advertising with Olympics broadcasters."
The deal, one of the biggest ever corporate endorsements in
sports, would make Mengniu the first Chinese fast-moving consumer
goods company to become an IOC top partner, giving it exclusive
rights to market its products in Olympic events under a new joint
category that combines the non-alcoholic beverage and the dairy
categories.
Jeffrey Lu, Mengniu's CEO, was quoted in the statement as saying
the top partner status would "act as a catalyst for Mengniu to grow
around the world."
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
June 24, 2019 03:54 ET (07:54 GMT)
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