Of course television in this day and age isn’t a gold mine and frankly it’s a ridiculous suggestion to suggest anyone would think that. Just due to the timezone difference meaning most of the key events will happen overnight to early-afternoon means Seven will make a loss from these Olympics as a result of less viewers = less advertising revenue even before you consider operating costs, staff salaries, etc.
What I was talking about and what you’re outlining are two separate things. I’m saying that Seven would have probably factored when they signed the Olympics deal that they wouldn’t make a profit from showing the Rio games. However since the deal also covers the 2018 Pyeongchang Winter Olympics and the 2020 Tokyo Summer Olympics, both of will be like Beijing 2008 in being timezone friendly - Seven will have two ‘favourable’ Olympics to try and recoup what they spent on broadcast rights alone. They can take a loss this time around knowing the two games down the track will at least be revenue-neutral, if not produce a slight profit on what they spent to secure the rights.