I would say much less than that. Only as a data point the Italian TV valued in 2017 8.5 millions Euro for 4 years[1] (again Italian but not too bad via google

I would say much less than that. Only as a data point the Italian TV valued in 2017 8.5 millions Euro for 4 years[1] (again Italian but not too bad via google translate): https://www.repubblica.it/tecnologia/2017/01/08/news/elicotteri_geostabilizzanti_e_droni_la_rai_stanzia_8_5_milioni_per_produrre_il_ciclismo-155637160/ https://www.repubblica.it/tecnologia/2017/01/08/news/elicott... [1] Covering, beside the Giro d'Italia, also a few other national cyclism events.