NBC is renegotiating the broadcast rights for the Macy's Thanksgiving Day Parade, which may run as high as $60 million per year, three times the current price of $20 million, The Wall Street Journal reported Monday.

The famous Macy’s Thanksgiving Day Parade in New York City has dazzled countless people for nearly a century, and despite the threat of a winter storm in the Northeast on Thursday, preparations are well underway to continue the holiday tradition again this year.