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Albany, NY—The times they are a’changing, or make that Pepsi that’s a’changing. Beginning January 1st, the Pepsi Arena will have a new name: Times Union Center. The agreement for the new ten-year naming rights contract for the Times Union Center will yield more than $3.5 million in cash payments over the term of the contract and provide substantial additional value in marketing and advertising, according to Albany County  Executive Mike Breslin, Pepsi Arena General Manager Bob Belber and Mark Aldam, Publisher of the Albany Times Union, the newspaper of the capital of New York

"I am pleased to announce that the Arena will be named the Times Union Center," said Breslin. "Our ten-year contract with Pepsi Bottling Group has been rewarding and our new partnership with the Times Union, which is such an integral part of our community, will bring even more success. I look forward to working with Mark Aldam and his staff to boost event attendance and bring additional revenue to our county taxpayers."

"We are very excited about this marketing partnership," said Aldam. "Obtaining the naming and usage rights to this visible and vital entertainment center underscores the Times Union’s commitment to this region."

Aldam sees that naming the arena after the upstate New York newspaper is a sign of company becoming a more varied media operation. "As we transition toward a more diversified media company, it is essential for us to establish multiple points of contact with our customers," said Aldman. "As a symbolic cornerstone of our multi-media future, the Times Union Center will bring more interactivity to the experience of engaging with the Times Union."

Aldam added, "In addition to the terrific branding benefits associated with this partnership agreement, we fully expect to discover creative ways to engage with customers as we establish the entertainment portal and ticketing website for the Times Union Center."

The Pepsi Arena is a multi-purpose facility in downtown Albany, New York hosts a variety of concerts, family shows and sporting events. The 17,500-seat facility averages 165 events a year. It is owned by Albany County and managed by SMG .

 "The Times Union is an excellent newspaper and on behalf of SMG, which manages the Civic Center as agent for Albany County, I am very pleased that the new name will be the Times Union Center," said Belber. "The TU will be promoting more trade shows and events at the arena and the marketing benefits extended to Albany County within the naming rights deal will greatly help us sell tickets and generate higher profits for Albany County."

The Pepsi Arena is home to the Albany River Rats  of the American Hockey League , the Albany Conquest of the Arena Football II League. The diverse array of performers who have held concerts at the arena include Kenny Chesney,  Bruce Springsteen, U2, Andrea Bocelli  and the Rolling Stones.