NBC Sports Group Is Number 4
by Christine Stuart | Oct 25, 2011 12:03pm
(4) Comments | Commenting has expired
Posted to: Business, Media Matters
Gov. Dannel P. Malloy announced Tuesday that NBC Sports Group will receive a $20 million loan from the state to consolidate and move its northeast operations to the former Clairol factory in Stamford.
The company will become the fourth company to participate in Malloy‘s “First Five” program and will receive the money for creating 450 jobs over five years. Previous deals promised at least 200 to 800 jobs in the next 10 years at CIGNA, at least 200 jobs or up to 600 jobs over 10 years at TicketNetwork Inc., and at least 200 jobs over five years at ESPN,
At the end of two years if NBC Sports creates 200 jobs $10 million of the loan will be forgiven. If it creates 100 more in the third year $5 million will be forgiven, and if it creates 150 more over five years the remaining $5 million will be forgiven, according to a Department of Economic and Community Development.
“The companies that are participating in this economic development program are job producers, and NBCUniversal has been doing that since it first arrived in Connecticut,” Malloy said in a press release.
Stamford is already home to NBCUniversal television. In 2008 it retrofitted the Rich Forum Theatre in downtown to create the Stamford Media Center.
“As Mayor of Stamford at the time, I was supportive of the city and state assistance for the project because I understood its potential. I am strongly supportive of this expansion in Stamford because we continue to see the positive impact in the local economy and on the workforce,” Malloy added.
The 32-acre Clairol site will house office space for NBC Sports, NBC Olympics, NBC Sports Digital, VERSUS (to be renamed the NBC Sports Network on January 2), and the Comcast Sports Management Group, which oversees the NBC Sports Group’s 14 regional networks. The NBC Sports Group will also use the site to construct numerous state-of-the-art studios to house the company’s growing need for studio content.
“We are creating one 32-acre unique location that allows us to build numerous state-of-the-art studios, house more than 450 employees, and prepare for anticipated future growth. However, this initiative would not have been possible without the financial support of Governor Malloy’s ‘First Five’ program and the local support provided by Mayor Pavia, who we look forward to working with for many years to come,” Mark Lazarus, chairman of NBC Sports Group, said.
In addition it will build a studio for the NHL Network and create more jobs above and beyond the 450 promised, according to the press release.
“The state is increasingly seen as a great home to television, film and digital media, and this project – in terms of jobs and infrastructure – will help us create the needed critical mass that can successfully attract new industry players to Connecticut and the greater Stamford area,“ DECD Commissioner Catherine Smith added.
Tags: NBC Sports, job, First Five, Malloy, Stamford
(4) Comments
posted by: ... | October 25, 2011 1:50pm
The most promising part of this news story was the following “In addition it(NBC Sports) will build a studio for the NHL Network…”
As we see the Baldwins working liven up the AHL fan base with the CT Whale (re-branding,Whale Bowl, new this season wide-range radio playing (via 106.9), and now several planned TV showings of the game), Hockey is making its way back to CT.
It won’t be immediate (like many of these jobs), but a long-run return of a solid CT economy and an national sports team (through the NHL) will launch our state back onto that national stage.
posted by: NOW What? | October 26, 2011 12:45pm
At least this deal publicly specifies that loaned money would be “forgiven” only if the jobs are actually created, and over an extended period of time. Like I’ve said before, Comcast’s NBS/U Sports really wants to compete head-to-head with Disney’s ESPN, and this relocation and expansion is a big part of that plan.
posted by: Matt W. | October 26, 2011 1:26pm
Since 2008, CT has lost approx 80,000 non-farm jobs. Employment data bears out that small biz generates about 70-80% of new hiring over the past 30yrs.
With that in mind, Dan’s plan is to protect the existing unfriendly biz environment and then raise taxes on everyone and squeeze the unions so that we may turn around and pay large corporations huge sums of money to ignore the poor environment in exchange for hiring 200 people.
At this rate we need to bribe only about 390 more companies (at $20M apiece = $8 Billion)and we should be back on track.
Good Plan.
