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Samsung signs Olympic sponsorship to 2028 Los Angeles Games

December 4, 2018

SEOUL, South Korea (AP) — Samsung has extended its IOC sponsorship deal through the 2028 Los Angeles Olympics, making it 30 years of Summer and Winter Games support.

The IOC says the South Korean technology firm will give limited edition phones to all Olympic and Paralympic athletes.

The value of the deal was not stated. The IOC’s 2017 annual report showed $493 million revenue from 13 top-tier sponsors.

The deal was signed Tuesday in Seoul by International Olympic Committee president Thomas Bach and Samsung Electronics vice chairman Lee Jae-yong, known in business circles as Jay Y. Lee.

Samsung was roiled by corruption scandals in national politics before the 2018 Pyeongchang Olympics. Lee was convicted of bribery and served several months in prison until an appeals court suspended his sentence in February.

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