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Conn. adding to entertainment prowess as official says NBC Sports agrees to relocate from NYC
HARTFORD, Conn. (AP) ' NBC Sports will move from New York City to Stamford to take advantage of tax breaks, adding to a growing film and TV presence in the southwestern Connecticut city, a state official said Friday.
The official told The Associated Press that the deal would be part of Gov. Dannel P. Malloy's signature development program. The official spoke on condition of anonymity because Malloy and Democratic leaders of the legislature hope to announce a deal next week.
Chris McCloskey, a spokesman for NBC Sports, and a spokeswoman for Malloy declined to comment.
NBC Sports and the legislature still have to finalize details on the tax credits. The deal could bring hundreds of jobs, the official said.
Malloy's initiative is intended to consolidate various tax credits to draw five businesses that invest $25 million in Connecticut and create a total of 1,000 jobs over five years.
So far, he has struck deals with insurer Cigna, ESPN and the online ticket exchange TicketNetwork Inc. The three companies already operate in Connecticut, but Cigna agreed to move its headquarters from Philadelphia. Malloy said in August when the ESPN deal was announced that negotiating to bring companies from outside Connecticut is more complicated because office and manufacturing space must be acquired.
Beginning in the 1970s, Stamford began drawing corporations from New York City, just 35 miles to the south. More recently, it has branched out into entertainment, luring production companies with lower taxes and more space than producers can find in New York.
Entertainment companies in Stamford include World Wrestling Entertainment Inc., TV productions featuring Jerry Springer, Steve Witkos and Maury Povich, and the sports network Versus.
"We have a real cluster and it's growing," said Kevin Segalla, chief executive of the Connecticut Film Center, a Stamford company that provides production and financial services and facilities for the film and TV industries.