Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.NEW YORK – Pepsi has scored the Super Bowl halftime show.
The soda giant says it struck a multiyear deal with the National Football League to sponsor the big game’s musical performance. Financial terms and the exact duration of the deal were not disclosed.
The Purchase, N.Y.-based company says it also bought 60 seconds of ad time during the big game, which has seen record ratings for the past three years.
Pepsi last sponsored the show in 2007, when the rock musician Prince performed. Bridgestone Tires sponsored the show after that.
PepsiCo Inc.’s reunion with the nation’s biggest sporting event comes at a time when the company is working to put some fizz back in sales of its flagship soda. This year, Pepsi announced its “Live For Now” global marketing campaign, which is intended to rekindle the company’s long ties with pop culture and music.
Although PepsiCo has a broad and diverse portfolio of brands – including Frito-Lay, Gatorade and Quaker Oats – its namesake cola remains by far its single biggest moneymaker.
The marketing push for Pepsi this year has included a TV ad with singer Nicki Minaj, a global marketing campaign featuring 1 billion cans of Pepsi with a silhouette of the late pop star Michael Jackson and a partnership with Twitter to stream live concerts.
The latest move is nevertheless the most high-profile; an estimated 111.3 million people watched in February as the New York Giants beat the New England Patriots, 21-17, in a rematch of the contest four years earlier, according to The Nielsen Co. That made the game the most-watched TV show in U.S. history for the third straight year.
Even better for PepsiCo, last year’s halftime show with Madonna, Cee Lo Green, Minaj and M.I.A. was seen by an estimated 114 million people – a higher average than the game itself.
