MetLife buys naming rights to NFL stadium
The East Rutherford, New Jersey home to the NFL’s New York Jets and New York Giants is getting a new name. Insurer MetLife announced it has signed a 25-year agreement with the teams to name the venue MetLife Stadium. The stadium, previously known as the New Meadowlands Stadium, cost $1.6 billion to build one year ago and is the only stadium to house two NFL teams. More than two million fans pack the seats each year for football games and other events, and in 2014, the MetLife Stadium will host Super Bowl XLVIII.
Financial details of the deal were not disclosed.
“With our status as one of the world’s leading life insurers, we wanted to partner with a world-class venue that would extend the reach of our brand to levels unmatched in the industry,” said Steven A. Kandarian, president and chief executive officer of MetLife in a statement. “I’m confident that this partnership will strengthen our brand and help drive value for shareholders.”
The MetLife Stadium agreement makes MetLife the official insurance company of the Jets, Giants and the stadium complex, and includes high-profile interior and exterior branding on the venue. Specific elements of the agreement include: naming rights to the stadium; 120,000 square feet of branded space at the main west entrance; four illuminated signs on the exterior of the building; four inner-bowl signs; and TV, radio, print and online media opportunities.
“Hundreds of millions of people will experience events at MetLife Stadium either in person or via broadcasts from the venue,” said Beth Hirschhorn, chief marketing officer of MetLife. “MetLife Stadium now joins the portfolio of powerful and iconic marketing assets the company has cultivated over the years, including the MetLife blimps and the company’s association with the Peanuts characters.”
To celebrate the renaming, on Friday, August 26, Jets and Giants players will rush Manhattan’s Bryant Park in an unprecedented event bringing both teams together to celebrate MetLife Stadium with fans. The event begins at 1:00 p.m. EDT and will feature numerous Giants and Jets players, notably Jets Head Coach Rex Ryan with Mark Sanchez and Darrelle Revis, and Giants Head Coach Tom Coughlin with Eli Manning and Justin Tuck. The event will be hosted by noted broadcast personality Mike Golic.
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