[IANAL] My understanding of copyright is that for events such as the Olympics, copyrights are often licensed licensed a country by country basis and that the retransmission of material across national boundaries is a violation. Doing so violates the author's right to control their work because it bipasses the arrangements the author has made to control their work. Incidently, this rests on the same legal principles upon which much of FOS software community operates (the license terms are merely different).

However, I would recommend speaking with an attorney familiar with such matters.