The TV channel was one of 40 recommendations as part of the IOC’s Olympic Agenda 2020 at the 127th IOC Session in Monaco. Each of the 40 recommendations got the unanimous backing of all 96 IOC members in attendance.
The channel will reportedly be an over-the-top digital station that could launch as early as next year, featuring archive material from the IOC, sports competitions and promotional content from bid cities.
According to AP, the channel will be run by the Madrid-based Olympic Broadcasting Services, will cost US$600 million to operate over the first seven years and aims to break even in ten years.
The International Olympic Committee is a not-for-profit independent international organisation made up of volunteers. It claims to redistributes more than 90% of its income to the wider sporting movement – the equivalent of US$3.25 million a day that goes to athletes and sports organisations around the world.