What’s In A (Foreign) Name?

Newsweek, May, 2008 by Daniel Gross

With impressive pockets of wealth bulging around the globe, naming rights have evolved into a new export category.

With domestic demand slumping, exports (up 15.5 percent in March from last year) are keeping the economy afloat. So great is the demand for U.S. products, thanks to the weak dollar, shippers complain there’s a shortage of the empty containers that used to pile up near ports. Fortunately, exports of a product that doesn’t have to be packed onto oceangoing boxes are also rising. Naming rights—for universities, libraries and sports teams—have always been a great source of revenues for prestigious outfits. Appeal to the vanity of status-hungry rich people or CEOs, and they’ll pay top dollar to have their names associated with yours. Stephen Schwarzman of the...

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