FirstEnergy and Cleveland Browns Mutually Agree to End Stadium Naming Rights Agreement

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) and the Cleveland Browns have mutually agreed to terminate their stadium naming rights agreement, effective April 13, 2023. The terms of this agreement were not disclosed. John Somerhalder, interim president and CEO of FirstEnergy, stated that this decision aligns with the company's transition from a competitive energy supplier to a regulated utility. He emphasized the commitment to community initiatives and maintaining strong relationships within civic and arts organizations. The Cleveland Browns' home stadium will revert to its original name, Cleveland Browns Stadium, after a successful partnership lasting over two decades.

Positive

• FirstEnergy maintains a strong community focus despite ending the naming rights agreement.
• Company's evolution towards a regulated utility may help stabilize its financial position.

Negative

• Ending the naming rights agreement may result in decreased brand visibility and marketing opportunities.
• Lack of disclosed terms could indicate potential financial implications.

Support of civic, arts and community organizations in FirstEnergy's service area will continue

AKRON, Ohio, April 13, 2023 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) and the Cleveland Browns today announced that they have reached an amicable decision to end their stadium naming rights agreement. Terms and conditions of the agreement were not disclosed.

"Together with the Browns, we have worked to enrich our communities while increasing awareness of FirstEnergy as an energy leader. Since we signed this agreement 10 years ago, our priorities have shifted as the company evolved from a competitive energy supplier to a fully regulated utility, and as a result, our corporate initiatives must also evolve," said John Somerhalder, interim president and CEO. "Like the rest of northeast Ohio, we remain passionate Browns fans and will cheer them on in upcoming seasons. We also look forward to maintaining our deep relationships with civic, arts and other organizations to bring good energy to our communities."

"We've had a great association with FirstEnergy for more than two decades, and we appreciate this partnership and what it has created for our team and the broader northeast Ohio community," Dave Jenkins, Haslam Sports Group COO said. "We reached this amicable agreement that is consistent with the productive relationship we have always enjoyed, and we wish FirstEnergy success with their future initiatives. Our home stadium will return to its former name, Cleveland Browns Stadium."

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on Twitter @FirstEnergyCorp.

 

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SOURCE FirstEnergy Corp.

FAQ

What did FirstEnergy announce on April 13, 2023?

FirstEnergy announced a mutual decision to end its stadium naming rights agreement with the Cleveland Browns.

What will the Cleveland Browns' stadium be called after the agreement ends?

The stadium will revert to its original name, Cleveland Browns Stadium.

How long was FirstEnergy's naming rights agreement with the Cleveland Browns?

The naming rights agreement lasted for over two decades.

What is FirstEnergy's stock symbol?

FirstEnergy's stock symbol is FE.

Who is the interim president and CEO of FirstEnergy?

John Somerhalder is the interim president and CEO of FirstEnergy.