- The NFL and Pepsi officially renewed their sponsorship deals, but Super Bowl halftime rights are going back into the market.
- As part of the agreement, Pepsi gets rights to top NFL events, including the NFL Draft. The company’s sports drink maker, Gatorade, keeps its high visibility on the sidelines of the NFL.
- CNBC previously reported that the NFL may seek up to $50 million for Super Bowl halftime rights.
Pepsi is keeping its sponsorship rights with the NFL, but will drop a key asset – the Super Bowl halftime show.
The soda-and-snacks company officially renewed its nearly four-decade partnership with the league on Tuesday after the NFL’s spring meeting in Atlanta. The team’s owners voted to confirm the renewal, which allows Pepsi to use the NFL Premium rights to its brands, including Frito Lay and Tostitos.
As part of the agreement, Pepsi gets rights to top NFL events, including the NFL Draft. The company’s sports drink maker, Gatorade, keeps its high visibility on the sidelines of the NFL. Plus, Pepsi and the NFL are teaming up to unveil a Gatorade pre-workout product for players this fall. The line is expected to be available to consumers in 2023.
The terms of Pepsi’s renewal were not disclosed. The previous deal was reportedly worth $2 billion over 10 years.
Tracy Rodberg, the NFL’s senior vice president of sponsorship management, told CNBC: “Our priorities and their priorities have evolved, and we wanted to make sure that as we continued this partnership, we were all working toward the same goal.” working.”
However, this time Pepsi will not sponsor the Super Bowl halftime show. This is the second time after 2012 that these rights have come on the market. Auto parts maker Bridgestone owned Super Bowl halftime rights before Pepsi.
The 2022 Super Bowl halftime show featured iconic hip-hop stars Dr. Dre and Snoop Dogg. The NFL partnered with Jay-Z’s Rock Nation to produce the halftime show.
CNBC reported in October that Super Bowl halftime rights may be on the market, and the NFL will seek up to $50 million for them. Industry executives suggest Bridgestone paid between $5 million and $10 million annually.
“It makes it hard to justify,” Tony Ponturo, former vice president of global sports and entertainment marketing at Anheuser-Busch, said of the potential cost. As big as the Super Bowl is, there are always executives who will say there’s a lot more to the company than what they’re saving, he said.
As part of larger deals with Pro Leagues, companies also pay a portion of the total money to purchase TV commercials. For the 2021 season, Pepsi spent approximately $114 million on NFL games, including the playoffs. That’s just under $127 million for the 2020 NFL season, according to the media measurement company I spot. Pepsi has 15 team deals with NFL clubs including the Dallas Cowboys.
Team owners also approved holding the league’s combine event in Indianapolis in 2023 and 2024, the NFL announced Tuesday.
NFL officials considered moving the pre-draft scouting program to Dallas or Los Angeles. Nevertheless, the logistics around the hotel site and access to medical facilities played a factor in keeping the Colts aligned at Lucas Oil Stadium.
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In 2022, the event generated approximately $9.6 million in economic impact, according to the league. Indianapolis has hosted the NFL Combine since 1987.
Credit: www.cnbc.com /