graphic
graphic  
graphic
News > Companies
graphic
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.

  graphic  Related Stories  
  
Gillette 1Q profit a cut above
Gillette 2Q rises sharply
  

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




  More on NEWS
David Hasselhoff's mansion on sale for $2.3 million
Market freak out: Dow plunges 270 points
Facebook's "feeling fat" emoticon gets a thumbs down
  TODAY'S TOP STORIES
Market freak out: Dow plunges 279 points
Java now loads annoying adware on Macs
Is Abercrombie & Fitch the next retailer to die?




graphic graphic