Update: Budweiser, Baseball Reach New Sponsorship Agreement

on 01/01/11 at 8:01 pm

Booze News

Anheuser-Busch Inc. said Thursday that it reached a new sponsorship agreement with Major League Baseball and dropped the lawsuit it filed against the league in November.

The multi-year agreement designates Budweiser as the official beer sponsor of Major League Baseball.

The U.S. arm of Anheuser-Busch InBev NV, the world’s largest brewer, sued the league’s licensing arm in a New York federal court in November, claiming that it reneged on a multiyear renewal of the sponsorship rights and demanded “exponentially higher” fees.

An Anheuser spokesman declined to release financial details of the agreement. In its November lawsuit, the beer maker said it would be investing “tens of millions of dollars” in 2010 in advertising and promotions involving its Budweiser brand related to the MLB.

{Full story via WSJ}

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