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NFL has a new halftime show sponsor

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New York (CNN Business)Apple Music is replacing Pepsi as the new sponsor for the NFL's Super Bowl halftime show.

The multi-year partnership was announced Friday and financial terms weren't disclosed. In a statement, the NFL said that it "couldn't think of a more appropriate partner" for the show. The halftime show is most-watched musical performance of the year, with 120 million people watching this year's performance.
Apple Music's sponsorship begins at the next Super Bowl on February 12, 2023, in Glendale, Arizona. More details about the show, including performers, will be released in the coming months on Apple Music's social platforms.
    Pepsi (PEP) has been the NFL's halftime show sponsor for the past decade. However, it announced in May that it was ending its halftime show sponsorship, however it still remains the league's official soft drink after a 10-year deal struck last May.
      Pepsi isn't the only beverage brand dialing back its presence at the big game. Anheuser-Busch (BUD) announced earlier this year that it ended its more-than-33-year-old exclusive deal with the Super Bowl, allowing other alcohol brands to jump in. For example, Molson Coors (TAP) quickly purchased a 30-second spot.
        The Super Bowl routinely gets more than 100 million viewers in the United States, a gold mine for advertisers. Variety recently reported that Fox, which is airing next year's game, is "nearly sold out of commercial inventory," with several spots going for "north of $7 million."
        --CNN's Jacob Lev contributed to this report.

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