Top Olympic sponsor Panasonic is ending its contract with the IOC

Associated Press

TOKYO (AP) — Olympic sponsor Panasonic is terminating its contract with the IOC at the end of the year. Panasonic is one of 15 companies that are so-called TOP sponsors for the International Olympic Committee. The company made the announcement Tuesday. It’s not known the value of the Panasonic sponsorship but sponsors contribute more than $2 billion in a four-year cycle to the IOC. Two other Japanese companies — Toyota and Bridgestone — are also among the IOC’s 15 leading sponsors. Toyota, which for several months has been reportedly ready to end its contract, was contacted Tuesday by The Associated Press but offered no new information. Bridgestone said nothing has been decided.