South Korea’s three major broadcasting companies have reached an agreement which will give all three stations rights to air the 2012 London Olympic Games.

The chiefs of the three broadcasting companies, including KBS President Kim In-kyu, signed an agreement on the joint airing during a meeting at the 63 Building in Yeouido, Seoul, Tuesday.

Under the agreement, the three broadcasters will divide 12 athletic fields among themselves for them to air. Two of the broadcasters will air live the final and semi-final matches in which South Korean players are competing in, and the other one will broadcast recorded games.

The three broadcasters will complete the distribution of the 12 sporting events they will air by March 23rd.

The broadcasting right fees for the London Olympic Games are 31 million U.S. dollars. Of the fees, KBS will shoulder 40 percent of the cost while MBC and SBS will each pay 30 percent.