This is AI generated summarization, which may have errors. For context, always refer to the full article.
Bridgestone ends a decade-long partnership with the Olympics and Paralympics, becoming the third major brand not to renew its sponsorship for the Games
TOKYO, Japan – Japanese tire maker Bridgestone said on Tuesday, October 1, it would not renew its worldwide partnership agreements with the Olympics and Paralympics when they expire this year.
That follows announcements in September from Toyota Motor and Panasonic Holdings that they would stop being top sponsors for the Games.
Bridgestone had been a Worldwide Olympic Partner since 2014, it said in a statement.
Last week, Toyota Motor chairman Akio Toyoda confirmed the company will not renew its 10-year contract as a top sponsor for the Olympics and Paralympics following the Paris Games.
The world’s biggest automaker, which had already suggested it would not renew the contract when it expired, will continue to financially support athletes, Toyoda said in the company-owned media channel.
Early September, Panasonic Holdings announced it would also end its 37-year contract as a top sponsor after it became an official partner of the Olympic Games in 1987.
The International Olympics Committee saw revenues of $2.295 billion from its top sponsors for the period 2017-2021, the second-biggest source of income for the Olympic movement, with broadcasters paying $4.544 billion over the same period. – Rappler.com
