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AT&T : San Francisco Giants and Oracle Announce 'Oracle Park'

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01/11/2019 | 09:12am EDT

REDWOOD SHORES, California, Jan. 10 -- Oracle, a developer of hardware and software products, issued the following news release:

* * *

-New Partnership and Naming Rights Agreement to Fuel Innovative Fan Experience

* * *

The San Francisco Giants and Oracle today announced they have signed a 20-year partnership providing Oracle with the naming rights to the ballpark through 2038. Beginning today, AT&T Park will be named Oracle Park. Financial terms of the agreement were not disclosed.

"We are thrilled to welcome Oracle as our naming rights partner as we move into our next decade here in China Basin," said Giants President and CEO Laurence M. Baer. "While there were several national and local companies interested in the opportunity, Oracle--a longstanding partner of the Giants--was a perfect fit because of its deep roots in the Bay Area, its position as a global leader in technology and innovation, and its shared commitment to community values of diversity and inclusion, sustainability, education and philanthropy. We look forward to engaging in a model partnership."

"We are extremely proud that one of the best and most storied ballparks in America will now be called Oracle Park. The Giants have always been on the forefront of bringing innovative experiences to baseball, and we are excited to continue that tradition," said Mark Hurd, CEO of Oracle. "Together we will create an incredible fan experience and develop programs to engage and impact the community in new ways."

The Giants' previous naming rights agreement with AT&T ran through the end of 2019. However, in preliminary renewal discussions, AT&T informed the Giants that changes to AT&T's corporate sponsorship strategy would give the Giants the opportunity to seek another naming rights partner and begin a new agreement one year early. Oracle immediately stepped up when the Giants proposed the naming rights opportunity and the two parties quickly agreed to terms over the holidays in order to prepare for the 2019 baseball season.

"I want to thank AT&T for a truly exceptional partnership. Their support of this facility and their ongoing investment over the past two decades has played a major role in the unprecedented success and popularity of our home," continued Baer. "We are proud to have hosted the 2002, 2010, 2012 and 2014 World Series here, the 2007 All Star Game and set the National League sellout streak record of 530 games from 2010 to 2017."

Highlights of the agreement include:

* Ballpark Capital & Technology Upgrades: Oracle will partner with the Giants to invest in a number of improvements to Oracle Park over the next five years, including the addition of a new state-of-the-art scoreboard and signage. The Giants and Oracle will also utilize emerging technologies to create unique experiences for fans. Additional ballpark upgrades will be announced in the coming weeks.

* Community Programs: The Giants and Oracle will develop a signature community outreach program.

* Hospitality and Experiential: Together Oracle and the Giants will build unique sports hospitality experiences to engage Oracle customers and members of the community.

History of Giants and Oracle Partnership

Oracle and the Giants have a longstanding partnership. Together the two companies have embarked on numerous promotional, advertising and philanthropic efforts. For example, for the past 15 years, Oracle sponsored the Giants Community Spotlight, an in-game scoreboard feature, which raises awareness for issues and causes important to the Bay Area community and highlights the impactful work being done by many of the Giants' non-profit partners.

Oracle has been a proud sponsor of Giants Enterprises--the wholly-owned subsidiary of the Giants responsible for the non-baseball and special events for the organization. The annual Oracle OpenWorld CloudFest concerts have been hosted at the stadium for the past three years.

Giants Enterprises also delivered the Official Spectator Experience for the 34th America's Cup held in San Francisco in 2013, which Oracle Team USA won. Giants Enterprises commercialized the three-month international sailing event for the first time in its 160-year history by creating shore-line ticketed products, producing customized hospitality packages, developing a spectator-boat license program and managing end-to-end sales, customer service and event execution. An integrated marketing campaign delivered sold-out dates, record-breaking sales and incremental revenue through dynamic pricing.

About Oracle

The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at www.oracle.com.

About the San Francisco Giants

One of the oldest teams in Major League Baseball, the 137-year old franchise moved to San Francisco from New York in 1958. After playing a total of 42 years in Seals Stadium and Candlestick Park, the team moved to the privately constructed, downtown ballpark on the corner of 3rd and King. 2019 will mark the Giants 20th season playing on the shores of McCovey Cove at the newly named Oracle Park. The organization is widely recognized for its innovative business practices and baseball excellence. In 2010, the franchise was named the Sports Organization of the Year by Street & Smith'sSports Business Journal and in 2012 was named Organization of the Year by Baseball America. Oracle Park is also the only ballpark in the country to have earned Silver, Gold and Platinum LEED certification for an existing building.

Since opening its gates, Oracle Park has become internationally-renowned as a premier venue in the world of both sports and entertainment. On the diamond, more than 59 million spectators have witnessed a number of magical moments, including three World Series Championships (2010, 2012 & 2014), the raising of four National League Pennants and seven playoff appearances. On June 13, 2012, the organization's first-ever Perfect Game was thrown by Giants ace Matt Cain. On July 10, 2007, San Francisco was the center of the baseball universe when it hosted the 78th Major League Baseball All-Star Game. The ballpark has played host to some of music's biggest acts, including Lady Gaga, Beyonce & Jay Z, Ed Sheeran, the Rolling Stones, the Eagles, Bruce Springsteen and the E-Street Band, Green Day and Billy Joel. It also was the site of the 2018 Rugby World Cup Sevens.

Off the field, the Giants have one of the premier community outreach programs in professional sports. Through community outreach programs, the Giants and the Giants Community Fund work with corporate and non-profit partners to raise awareness, educate and generate interest in a variety of issues important to both their fans and community. These issues include education/literacy, violence prevention, health and youth recreation and fitness. The Giants Community Fund's Junior Giants Baseball Program received the 2015 Commissioner's Award for Philanthropic Excellence and the San Francisco Giants were named ESPN Sports Humanitarian Team of the Year in July of 2016.One of the oldest teams in Major League Baseball, the 137-year old franchise moved to San Francisco from New York in 1958. After playing a total of 42 years in Seals Stadium and Candlestick Park, the team moved to the privately constructed, downtown ballpark on the corner of 3rd and King. 2019 will mark the Giants 20th season playing on the shores of McCovey Cove at the newly named Oracle Park. The organization is widely recognized for its innovative business practices and baseball excellence. In 2010, the franchise was named the Sports Organization of the Year by Street & Smith'sSports Business Journal and in 2012 was named Organization of the Year by Baseball America. Oracle Park is also the only ballpark in the country to have earned Silver, Gold and Platinum LEED certification for an existing building.

© 2019 Targeted News Service, source News Service

Stocks mentioned in the article
ChangeLast1st jan.
AT&T 0.03% 31.07 Delayed Quote.8.86%
ORACLE CORPORATION -2.35% 52.77 Delayed Quote.16.88%
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EBIT 2019 37 042 M
Net income 2019 19 709 M
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P/E ratio 2019 12,27
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EV / Sales 2020 2,03x
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