The partnership, which includes Radio-Canada, features exclusive broadcast rights for the Games with the current deal set to expire at the conclusion of Paris 2024.

"It's the biggest thing we do as a company," said CBC Sports executive director Chris Wilson.

"It draws the biggest audiences.

"It is one of the most relevant things we do that brings the country together.

"And so I really believe it just sort of cements, as part of our mandate, a really major programming pillar for the company as a whole."

The finances involved with the deal were not disclosed as they are confidential with the IOC but Wilson said it was not an "open-bid" process.

"It was us talking with the IOC and expressing interest to continue and them realising that we're a committed partner that doesn't just bring light to the Olympic movement for 17 days every two years."

The agreement, which covers all media platforms, includes a commitment from CBC and Radio-Canada to broadcast at least 200 hours of the Summer Games and 100 hours of the Winter Games on free-to-air television.

The deal does not include a license to air the Paralympics but the broadcasters are expected to be entering discussions soon, with Wilson saying "we fully intend to be Canada's Paralympic broadcaster for the foreseeable future as well."

"This agreement demonstrates a commitment to the Olympic values, the Olympic Games and the development of sport," said IOC President Thomas Bach.

"This agreement will support athletes at all levels in Canada and around the world."

All of the Games' hosts until 2032 have been decided apart from the 2030 edition, with Canadian city Vancouver one of the frontrunners.

The bid is fronted by an indigenous-led agreement between four First Nations, the city and the country's Olympic and Paralympic committees.