Overstock.com Acquires Naming Rights to Oakland-Alameda County Coliseum
OAKLAND, Calif. and SALT LAKE CITY, April 27, 2011 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK, short cut: O.co) and the Oakland-Alameda County Coliseum Authority today announced that Overstock.com has acquired the naming rights to the Oakland-Alameda County Coliseum. Effective immediately, the Coliseum will be known as Overstock.com Coliseum. The facility will host its first game under the Overstock name Friday, April 29, when the A's host defending American League champion Texas at 7:05 p.m.
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The six-year deal covers the stadium facility that is home to both the NFL Oakland Raiders and the MLB Oakland Athletics. Overstock.com Coliseum is one of only two U.S. stadiums hosting two major league teams. To learn more go to www.overstock.com/oakland.
"Overstock.com is thrilled to become a part of Oakland and Alameda County, and to be associated with the Raiders and the A's—two globally-recognized championship teams," said Overstock.com Chairman and CEO Patrick Byrne. "The Overstock.com brand is a great fit with these teams and with the excitement and culture of the area. We look forward to enjoying events with the community and doing our part to give back. Residents of the Bay Area can look forward to many great events taking place in the Overstock.com Coliseum."
"The Authority is excited to have Overstock.com as a naming rights partner for the Coliseum," said Authority Chair and Oakland City council member Ignacio De La Fuente. "The additional revenue and prestige this agreement brings the City and County are important to the viability of the Coliseum Complex."
"The Authority has been working for some time to find the appropriate naming rights partner for the Coliseum," said Scott Haggerty, Vice-Chair of the Authority and Alameda County Supervisor. "We believe Overstock.com is that partner and we look forward to a mutually beneficial relationship."
As part of the new alliance Overstock.com receives branding opportunities through stadium signage, internet, television, radio and print promotion. Overstock.com Coliseum plays host to more than 100 events annually, including 10 Raiders games, 81 A's games, MLS and international soccer matches, concerts and corporate events. The Oakland-Alameda County Coliseum Authority manages the Overstock.com Coliseum and Oracle Arena and is comprised of representatives from the City of Oakland, Alameda County and SMG, a facilities management company.
Founded in 1999, Overstock.com employs more than 1500 people. The company's annual revenue has grown from $1.8 million in 1999 to $1.1 billion in 2010. For the past five years, Overstock.com ranked among the top five retailers in the U.S. for customer service, according to rankings published in the 2011 NRF Foundation/American Express Customer Service Survey, and recently Forbes reported that Overstock ranked first in employee satisfaction among all U.S. retailers and ninth among the best U.S. corporations to work for.
Premier Partnerships, a nationally-recognized leader in sports and entertainment sales and marketing, was contracted to secure a naming rights partner and brought Overstock.com together with the Oakland-Alameda County Coliseum Authority, the NFL Oakland Raiders, MLB Oakland A's, the city of Oakland and Alameda County.
"Putting this deal together was a smooth process because all the parties understood the value proposition of creating this globally-recognized naming rights partnership. Through our Naming Rights analytical tool, the Revenue Maximizer™, Premier matched the Coliseum's assets with a brand whose business will grow from the exposure of the Coliseum and the teams who call it home," said Jeff Marks, Premier Partnerships Managing Director, who co-led the deal with Jesse Ryback. "Ryback first identified Overstock.com, with its international standing and innovative approach, as a perfect fit. Everybody is a winner here."
About Overstock.com
Overstock.com, Inc. (short cut: O.co) is a Savings Engine offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com and http://www.o.co. Overstock.com regularly posts information about the company and other related matters on its website under the heading "Investor Relations." Overstock.com® is a registered trademark and O.co™, Overstock.com Coliseum™ and Savings Engine™ are trademarks of Overstock.com, Inc. All other trademarks are the property of their respective owners.
About Oakland-Alameda County Coliseum Authority
The OACC manages the Oakland Coliseum and Oracle Arena and is comprised of representatives from the city of Oakland, Alameda County and SMG. Overstock.com Coliseum opened on September 8, 1966, when the AFL Raiders hosted the Kansas City Chiefs at the Oakland-Alameda County Coliseum. The stadium features an underground design where the playing surface is actually below ground level. Over 43 years, the facility has hosted events such as MLB World Series, MLB All-Star Games, AFL and AFC Championship Games, televised concerts and was the scene for filming of a major motion picture. In October 1995, the Coliseum underwent a $200 million renovation that added 22,000 new seats, 90 luxury suites, two private clubs and two state-of-the-art scoreboards.
About Premier Partnerships
Premier Partnerships is a nationally recognized sports sales and advisory firm specializing in the development and execution of customized naming rights and commercial sales strategies for top tier facilities, sports and entertainment destinations, league and team properties, as well as municipal projects. Premier was founded in 2003 to provide experienced, focused, passionate, and results driven commercial sales solutions. Premier is headquartered in Los Angeles with representation in Washington, DC and New York and was recently honored as Sports Business Journal's Best in Property Consulting, Sales and Client Services. Premier executives have created thousands of mutually beneficial business partnerships, including successful naming rights agreements at PPL Park, Viejas Arena, Bridgestone Arena, Pizza Hut Park and Overstock.com Coliseum. Additional information is available at www.PremierPartnerships.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the time duration of the naming rights agreement and future events at the site. Our Form 10-K for the year ended December 31, 2010, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.
SOURCE Overstock.com, Inc.
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