The venue will be known as MetLife Stadium. The agreement also makes the company the official insurer of the Giants, Jets and the building, and provides the company with 120,000 square feet of promotional space. Its name will be displayed on four signs outside the stadium.
“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,” Steven Kandarian, chief executive officer of MetLife, said in a statement. “I’m confident that this partnership will strengthen our brand and help drive value for shareholders.”
Financial details of the agreement weren’t disclosed in the release. The rights package would be around $400 million, less than the record $23.3 million a year Farmers Insurance Group said it would pay Anschutz Entertainment Group to name a proposed NFL stadium in Los Angeles, according to a person familiar with the New Jersey contract who was granted anonymity because details of the deal aren’t being released.