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Mellon extends arena naming rights

Bank of New York Mellon Corp. has agreed with the Pittsburgh Penguins to extend its naming rights deal to Mellon Arena by one year.

Terms of the deal were not disclosed.

The extension was necessary because a 10-year naming rights deal between the hockey team and former Mellon Financial Corp. expires after the 2008-09 season. The Penguins' new $290 million arena won't be open until the 2010-11 season.

The initial 10-year deal was worth about $1.8 million annually.

The agreement means the former Civic Arena will end its existence as Mellon Arena.

Bank of New York Co. bought Mellon Financial Corp. in July.

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