The Toronto Star revealed Tuesday that the Hummingbird Centre has sold its naming rights to Sony for $3 million for a term of ten years. Sony has the option of buying themselves ten more years for an additional $2 million.
Even though the Hummingbird Centre is a public institution, the public had no say in this matter, as the identity of the high bidder was kept secret until City Council’s Executive Committee had already approved the deal in a closed session.
As we wrote last week, the Centre has always been named after corporations—O’Keefe was a brewery, and Hummingbird was a software developer—but at least those companies were Toronto-based.
So now Yonge Street has the Panasonic, the Canon, and the Sony. How long before the Elgin is renamed the Samsung? Torontoist is setting the over-under at 2010.
Photo by greggue on Flickr.