The IOC executive board approved plans to develop a private company called International Broadcasting Services.

The new firm will succeed the Olympic Broadcasting Organisation, which is headed by Manolo Romero.

The Spaniard will also front the new company, which will be based in Lausanne, and will take a 20% share, with the remaining 80% going to the IOC.

According to IOC director general Francois Carrard, the company will begin preparations in earnest for the 2008 Games.

"We will tell the host cities we are going to take care of the host broadcasting operation," said Carrard.

"We will assume the functions of the host broadcaster."

The host broadcasters provide video footage to TV rights holders from across the world.

But the new operation will set up a permanent body responsible for television rights at future Olympic Games.

Previously, each individual host city hired its own broadcasting company for coverage.