AT&T and the Dallas Cowboys extended their stadium naming-rights partnership through 2048, securing the telecom company's presence on the NFL's most lucrative venue for at least 25 more years. The deal, valued north of $500 million according to sources familiar with the structure, keeps "AT&T Stadium" on the $1.5 billion Arlington complex that has anchored Jones family wealth creation since 2009.
The original 20-year pact, signed in 2013 for a reported $17-19 million annually, expires in 2028. This extension begins immediately after and runs through mid-century, a timeline that values certainty over optionality in a media landscape AT&T itself is exiting. The company divested WarnerMedia to Discovery in 2022 and has since refocused on wireless infrastructure and fiber buildout. The Cowboys venue—hosting 12 million visitors annually across football, concerts, college playoffs, and corporate events—remains one of the few consumer-facing brand plays in AT&T's stripped-down portfolio.
For Jerry Jones, the math is simpler. He locks in stadium revenue at 2024 rates before the inevitable naming-rights inflation cycle hits in the 2030s. The Los Angeles Rams' SoFi deal pays $30 million per year through 2046. The Raiders' Allegiant agreement runs $20-25 million annually. AT&T Stadium, despite higher gross revenues than either building, was underpriced relative to those comps—a function of signing in 2013 when the venue was four years old and the naming-rights market hadn't yet absorbedtech and crypto money. This extension closes that gap without waiting for the 2028 renewal window, when Jones would have faced questions about AT&T's brand durability in a 5G world dominated by Verizon and T-Mobile.
The deal also insulates the Cowboys from sponsor churn risk. AT&T's consumer brand has faded since its 2016 peak, but the company still generates $122 billion in annual revenue and owns the fiber backbone under half of Dallas-Fort Worth. The stadium name isn't a marketing trophy; it's infrastructure signaling. AT&T gets its logo on every broadcast of the league's most-watched team (1.8 billion TV impressions in 2023) and every wide shot of College Football Playoff games, WrestleManias, and the occasional Canelo undercard. Jones gets a check that doesn't depend on AT&T's 5G subscriber count.
What the deal doesn't include: any reported escalator tied to crypto, sports betting, or alternate revenue streams. The Cowboys have been quietly staffing up on sponsorship innovation—two hires from Excel Sports Management joined the partnership team in Q4 2024—but this extension was structured as old-line telecom inventory, not optionality. That conservatism will look smart if the naming-rights market corrects, and expensive if someone pays $50 million per year for a new NFL building in 2027.
The extension also clarifies the Jones succession timeline. Jerry Jones is 82. His son Stephen, the team's COO and de facto CFO, has spent the past 18 months locking in long-term revenue deals—AT&T, a renegotiated local radio package, and expanded international game allocations. The naming-rights extension removes one variable from whatever ownership transition unfolds in the next decade. The building's name won't be a negotiation point when Stephen or Charlotte Jones is running the front office.
Watch for a revised AT&T activation footprint inside the stadium by September 2025. The company's current branding package, installed in 2018, predates the shift to 5G and fiber marketing. Expect updated concourse signage, possibly a renamed club section, and integration with the Cowboys' new augmented-reality app launch planned for 2025-26. Also watch the 2026 College Football Playoff semifinal, which returns to Arlington in January 2026—AT&T will use the game as a brand showcase, which suggests updated in-stadium tech deployments before then.
The Cowboys play the Commanders on January 5 in a game that will decide exactly nothing about their postseason hopes. The stadium will still be full. AT&T's name will still be on it for another 8,760 days.
The takeaway
Jones trades upside for certainty, locking AT&T through **2048** before naming-rights inflation forces a renegotiation he might not control.
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