(Bloomberg) — Farmers Insurance Group received almost $6 million in free media exposure for putting its name on a downtown Los Angeles stadium that will never be built.
Anschutz Entertainment Group this week announced that it was no longer pursuing a $1.2 billion National Football League stadium project — to be called Farmers Field — in the country's second-largest media market. The Farmers name became attached to the project in 2011 after the insurance company agreed to a 30-year naming rights deal that the Los Angeles Times said was worth about $700 million.
The Farmers payments weren't set to begin until the 65,000-seat stadium was completed. The past four years of discussion about the stadium — including mentions on television programs, social media and news websites — has generated $5.84 million in exposure, according to sponsorship evaluation firm Front Row Analytics.
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