Fox and ESPN plan to bid for U.S. broadcast rights to the 2014 and 2016 Olympics, and CBS and Time Warner are considering a joint bid, Bloomberg reports.

They are jumping in just as current rights holder NBC has said it will lose about $250 million on the Winter games later this month in Vancouver, due to the high cost of rights and a stagnant ad market.

NBC has held the Olympic rights for a decade.

–Elizabeth Jensen