Mar. 3 at 7:37 PM
Verizon Communications has been reviewing hundreds of millions of dollars in sports and music sponsorship spending as part of a broader cost-cutting effort.
In recent months, the telecom giant discussed potentially scaling back or exiting its sponsorship of the National Football League, according to a Wall Street Journal report. The 10-year deal, signed in 2021 and valued at over
$1 billion, made Verizon the league’s official 5G network and granted rights to use NFL branding in advertising.
Talks about revising the agreement have since cooled, as modifying or exiting the contract would be difficult and could trigger penalty fees. A Verizon spokesperson said the company is reviewing all expenses, including sponsorships, but emphasized that leaving the NFL partnership “was not and is not the plan.”
$VZ