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PepsiCo, Inc. (NASDAQ:PEP) may have just scored the biggest win at Madison Square Garden in years.
What Happened?
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Madison Square Garden Co (NYSE:MSG) announced a partnership with Pepsi that makes the beverage company the official non-alcoholic drink at all of Madison Square Garden’s venues and the sponsor of the New York Knicks and Rangers. Pepsi's food and snack lineup will be featured at Madison Square Garden's venues. The terms of the deal were not disclosed.
"We are pleased to welcome PepsiCo to The Madison Square Garden Company," said James Dolan, the entertainment company's executive chairman and CEO. "Both MSG and PepsiCo have built a collection of world-renowned brands and have a passion for bringing people together through unforgettable live experiences. We are confident that this partnership will benefit our customers, as well as both our businesses."
PepsiCo Chairman and Chief Executive Officer Indra Nooyi said the brand is "honored" to partner with Madison Square Garden.
"This historic partnership brings two iconic New York companies together and builds on PepsiCo's strong presence in New York City and beyond. We look forward to collaborating throughout all MSG properties to bring consumers once-in-a-lifetime opportunities and to redefining fan experiences across music, sports, entertainment and gaming."
Why It’s Important
MSG’s deal with Pepsi ushers in a new era at Madison Square Garden, unseating a more than century-old deal with rival The Coca-Cola Co (NYSE:KO), which had a partnership in place since 1910.
Related Links:
Madison Square Garden Wins New Fans With Proposed Entertainment, Sports Split
Food And Beverage Earnings: Reports Coming Up From Coca-Cola And McDonald's
Photo by Rich Mitchell/Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.