NBC lost about $200 million on the 2010 Winter Games in Vancouver and anticipates losing about $250 million on the 2012 Summer Games in London.

But that did not stop the new conglomerate of Comcast-NBC Universal from putting in a winning bid of $4.4 billion for the 2014 Winter Games in Sochi, Russia; the 2016 Summer Games in Rio de Janeiro; and the 2018 Winter and 2020 Summer Games, for which the host cities have not yet been determined.

Now it remains to be seen whether the network that has had U.S. rights to every Olympics since 1998 has acquired a gold medal or Fool’s Gold.

“We are excited to get started and continue the great legacy and work that has been the relationship between NBC and the Olympics,” Brian Roberts, CEO and Chairman for Comcast, parent company of NBC Universal, said during a press conference on June 7 following the decision by the IOC. “We couldn’t be more proud.”

For the U.S. TV rights, NBC outbid Fox, whose bid was put at $3.4 billion by analysts, and ESPN, which bid $1.4 billion for the 2014 and 2016 Games.

The Olympics would have been the first for Fox. ESPN sibling ABC held  the U.S. TV rights to the Olympics from 1964 through 1988, with the last Summer Games broadcast in 1984 and the last Winter Games broadcast in 1988.

CBS paid $50,000 for the U.S. TV rights to the 1960 Winter Olympics in Squaw Valley, Calif., the first time the Games were broadcast in the U.S. CBS did not participate in this bidding process. CBS CEO Les Moonves, who has been there and done that, said the Olympics were not “cost effective.”

In 2003, NBC paid $2.2 billion for the U.S. TV rights to both the 2010 Winter Olympics in Vancouver and the 2012 Games.

According to Roberts, “We’ve been clear from the beginning that we want to be disciplined and responsible,” Roberts said. “We think this will be a profitable relationship for NBC Universal. Having eight more years, we will have an opportunity to build up a lot of the assets at NBC Universal . . .  It was unanimous among our team that having [the Games] for the longer term will help us achieve that goal.”

Although early in the process, it is expected that the cost of a 30-second spot will be higher than the most recent Olympics. NBC charged between $360,000-$490,000 for the 2010 Winter Games in Vancouver and and average of $750,000 for the 2008 Summer Games in Beijing.

This is the second multi-billion dollar TV sports deal for Comcast-NBC Universal this year. In April, the broadcast company signed a $2 billion, 10-year deal with the National Hockey League.

According to Roberts, “The vision for our new Comcast-NBC Universal was to create new platforms and technologies to distribute the very best content. Every two years the Olympic Games provides iconic content for us to deliver on all platforms. We are proud to continue the rich heritage and long association that NBC has had with the IOC.”

NBC Sports Group chairman Mark Lazarus said the rights deal encompasses ” . . . TV, tablets, mobile broadband . . . [all platforms] now known, to be known and those still to be conceived. It’s all encompassing. That’s part of the value of our new company… one of the great joys of this deal.”

“We had an obligation to pick the best bid on behalf of the entire Olympic Movement,” said IOC Executive Board member Richard Carrión, who, along with IOC President Jacques Rogge, led the negotiations. “We assessed each bid against a thorough set of criteria and believe that the long-term nature of this agreement will not only ensure fantastic Olympic broadcast coverage in the US, but also support the long-term financial stability of the Olympic Movement as a whole. NBCU has proven its worth time and again over the years and we’re very excited to continue working with them.”

The three candidate cities for the 2018 Winter Olympics are Munich, Germany; Anney, France; and PyeongChang, South Korea. The bidding process for the 2020 Summer Games began in May.

The 2018 Olympic Winter Games host city vote will take place at the 123rd IOC Session in Durban, South Africa, in July 2011. The 2020 Olympic Games host city vote will take place at the 125th IOC Session in Buenos Aires, Argentina, in September 2013.