In a stunning turn of events, it appears Singaporeans will be able to watch the Olympic Games from the comfort of their living rooms.

MediaCorp has since announced that a deal with Dentsu, the broadcast rights holders, to broadcast the Olympic Games live in Singapore.

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According to Mediacorp, Singaporeans will be able to watch the Rio 2016 Games on Okto and four Toggle channels for free from August 6th till 22nd August.

Apparently, the last-minute deal was closed after Dentsu re-entered negotiations with a new final offer.

Sources believe it is close to 50% lower than their initial offer of over 6 million USD.

(estimated that Mediacorp will be buying around 4.1 million SGD.)

These rumors were further confirmed by  netizens from Hardwarezone Forums

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While the price is still on the high side, it is largely more acceptable than the ridiculous starting price. Typically, how many of us would even think twice about opening our wallets if we were offered 50% off an item?

If the plasma TV I’d always wanted was being offered at 50% off, I just might go ahead and buy it even if it was slightly above my budget.

Similarly here, I don’t believe this is a U-turn by Mediacorp and the authorities. Rather, negotiations reached a middle point that everyone could accept.

Honestly, I think its all part of the negotiations tactics and if that is the case, i’m not complaining for sure. I’d rather they take their time to secure the deal at the best price possible rather than just agreeing to the ridiculous amount (about thrice of London 2012 prices) from the onset.

Overall, it is good news that Mediacorp has managed to attain the rights for a decent price. Broadcasting sports is a very lucrative business, as evidenced by the increasing costs of buying rights to the Premier League, Olympics and World Cup. We can expect that future major sporting events will still be expensive and maybe even more expensive than the price today.

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With Dentsu holding the rights to the 2020 Olympics in Tokyo, the battle over broadcast rights will resume in 4 years time. The question is how much are Singaporeans prepared to pay to watch the Olympics then?

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