Bell Media and CBC/Radio-Canada have agreed to dissolve their partnership to bid for Canadian media rights to the 2014 and 2016 Olympic Games. The companies stated that, following two bids that were rejected by the International Olympic Committee, they will submit no further joint bids for the Sochi 2014 Winter Games or the Rio 2016 Games. "We presented not one, but two fiscally responsible bids that are reflective of the Canadian marketplace," said Phil King, president of CTV Programming and Sports. "Unfortunately, we were not able to reach agreement on terms with the IOC." "We were optimistic that an agreement could have been reached but it has to work for all parties," said Jeffrey Orridge, executive director of CBC sports properties. "Regrettably, that didn't happen. In light of this decision, CBC will step back and take some time to consider our options."