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Johnson & Johnson out as Olympic sponsor(Associated Press WorldStream Via Acquire Media NewsEdge) NEW YORK_Johnson & Johnson won't be renewing its lucrative global sponsorship deal with the International Olympic Committee. The IOC confirmed Monday that the health care conglomerate would not renew its top-level sponsorship worth up to $100 million, after the news was first reported by Sports Business Journal. "The IOC is proud to have worked in a successful partnership with Johnson & Johnson for both the (Turin) 2006 and Beijing 2008 Olympic Games," IOC spokeswoman Emmanuelle Moreau said. Johnson & Johnson's deal for 2005-08 was worth between $60 million and $80 million, and Sports Business Journal said the IOC would have gotten $100 million in its renewal over four years. That would have helped the committee achieve its goal of $1 billion for The Olympic Partnership program, or TOP, running from 2009-12. Now the IOC needs to find another top-level sponsor in Johnson & Johnson's category as official health care products provider. A Johnson & Johnson representative did not return a call seeking comment. Olympic TV and sponsorship revenues for the 2005-08 cycle _ covering the Turin Winter Games and Beijing Olympics _ totaled about $3.5 billion. Twelve companies signed up for the 2005-08 global sponsorship program generating nearly $900 million in revenues. TV rights fees, with the largest chunk from U.S. network NBC, provided the other $2.6 billion. Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |