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Altria buys naming rights for Va theater for $10M

Thursday - 7/12/2012, 1:06pm  ET

RICHMOND, Va. - Marlboro maker Altria Group Inc. is buying naming rights to a historic theater in its headquarters city of Richmond for $10 million.

The owner of the biggest U.S. cigarette maker _ Philip Morris USA _ will pay five yearly installments of $2 million for naming rights to the Landmark Theater. Company officials say the contribution is an important way to show pride in its hometown.

The theater, which opened in 1927, will officially become the Altria Theater in October 2013, though the change could take place sooner. The agreement will be in effect for 20 years.

The Richmond Times-Dispatch reports ( http://bit.ly/ObYm4F) that the deal is a key piece of financing for the theater's planned two-year, $50 million renovation using city funding, tax credits and other private donations.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)