Coastal CU Secures Naming Rights to Amphitheatre (Updated)

Raleigh-based Coastal Federal Credit Union has secured the naming rights to Walnut Creek Amphitheatre in Raleigh.

The Triangle’s largest outdoor amphitheater will now be called Coastal Credit Union Music Park at Walnut Creek.

While specific deal terms were not disclosed, a news report indicated that it is a multi-year deal with options to extend it longer.

Coastal FCU has about $2.6 billion in assets.

Update:

The News & Observer is reporting that "[a]ccording to the city, Coastal will pay a total of $1.8 million over five years – $200,000 in 2016 and $400,000 each of the next four years. Raleigh and Live Nation will split the deal’s net proceeds evenly, less costs such as new signs for the venue."

Read the story.