VIRGINIA BEACH (CelebrityAccess MediaWire) — Verizon has passed on continuing its naming-rights sponsorship deal with Live Nation over the shed formerly known as the Verizon Wireless Virginia Beach Amphitheater, leaving the venue without a corporate naming rights sponsor for the first time since it opened in 1996.
According to the Virginia Beach Pilot, Verizon opted not to renew in 2007, but Live Nation, who manage the venue on behalf of the city of Virginia Beach, continued to promote the company's name until the end of 2009. The company still is pursuing other sponsorship deals with the venue.
Live Nation's deal with Virginia Beach stipulates that the city gets 5% of all sponsorship deals at the shed. The city contributed $10.75 million to help construct the $17.75 million venue in 1996 and has collected about 16 million in taxes and other fees since then, the Pilot reported.
Live Nation is seeking a new corporate naming rights partner for the venue. – CelebrityAccess Staff Writers