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CMGI Field is now Gillette Stadium
Gillette inks 15-year agreement for exclusive naming rights for stadium of New England Patriots.
August 5, 2002: 6:22 PM EDT

NEW YORK (CNN/Money) - Gillette Co. said Monday that it has signed a 15-year agreement with the Kraft Group for exclusive naming rights to the home stadium of the New England Patriots after troubled Internet firm CMGI revised its sponsorship deal.

Under an old deal, struck in 2000, CMGI was to pay $7.6 million a year for 15 years to own the exclusive naming rights to the stadium, and a new deal, in which CMGI would only pay $1.6 million per year beginning in 2003 and ending in 2015, comes with more limited rights.

Boston-based Gillette told CNN/Money that CMGI Field will now be called Gillette Stadium. Gillette said major signs on the stadium will be replaced by the time the Patriots open their home season on Sept. 9, and more than 2,000 other signs will be replaced during the season.

The company, however, did not disclose terms of the new deal.

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CMGI, whose vastly depreciated Internet holdings have made it a poster child for the failed dot.com era, said it will take a charge of $21 million in the quarter ended July 31 to cover the future payments to be made under the deal.

Shares of CMGI (CMGI: Research, Estimates) finished 2.6 percent higher on Monday at 40 cents, while Gillette (G: Research, Estimates) stock fell 3.3 percent to $31.54.  Top of page


-- from staff and wire reports




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.