More than $5 mil paid for TV inaugural events
NEW YORK -- Television networks paid more than $5 million for exclusive rights to show events surrounding President-elect Barack Obama's inauguration, including Sunday's Lincoln Memorial concert and the Neighborhood Ball where Beyonce will serenade the new first couple.
Nearly half the money, $2.5 million, will be paid by HBO. The cable network is showing Sunday's concert -- featuring U2, Bruce Springsteen, Stevie Wonder and others -- live and will repeat it that night.
Obama's inaugural committee said the Walt Disney Co. is paying $2 million to show the Neighborhood Ball on ABC and for a kids' concert Monday on The Disney Channel. MTV is paying $650,000 for a Youth Ball that will be shown worldwide.
The committee said it made the deals to ensure as many people as possible could enjoy the events for free.