In the UK, the deal affects the 2022 Winter and 2024 Summer Olympics, as the current BBC agreement from 2012 covers the 2018 and 2020 Games.
Discovery, which operates British Eurosport and Freeview channel Quest in addition to its well-known factual channels in the UK, acquired the exclusive rights, valued at €1.3 billion, across all platforms, including free-to-air and pay TV, internet and mobile platforms in all languages across 50 countries and territories in Europe.
Beyond free-to-air and Pay TV channels, Eurosport Player, DPlay, Eurosport.com and Eurosport 360 will deliver more coverage. A dedicated Olympics channel is planned.
As part of the deal, Discovery has committed to broadcasting a minimum of 200 hours of the Olympic Games and 100 hours of Olympic Winter Games on free-to-air TV services during the period.
But some Olympic coverage could appear on other TV channels. Discovery will sub-licence "a portion of the rights in many markets across Europe", according to the International Olympic Committee, which could pave the way for European broadcasters such as the BBC to continue offering some coverage of the Games from 2022.
The BBC has indicated that it will try to obtain such rights.
MORE: Frequently Asked Questions about the new deal and how it will affect viewers