London edges Paris for 2012 Olympics

CNN.com | London wins 2012 Olympics

The International Olympic Committee has awarded the 2012 summer games to London.

Paris was runner-up in a 54-50 vote. It's the third consecutive failed bid for Paris, which also bid for the 1992 and 2008 games. Moscow, New York and Madrid were the first three cities eliminated from consideration.

Londoners watched the announcement on a giant screen in Trafalgar Square.

London becomes the first three-time Olympic host, after the 1908 and 1948 games.