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Canadian Press
Dec 21, 2006, 8:47 PM EST

NEWARK, N.J. (AP) - Prudential Financial Inc. is in talks to put its name on the new arena for the New Jersey Devils, which is rising nearly across the street from the world headquarters of the life insurance and investment giant, according to a published report.

"We have been in discussions and we're very close," Devils owner Jeff Vanderbeek told The Star-Ledger of Newark for Thursday's newspapers. Prudential spokesmen told the newspaper and The Associated Press the company was in discussions about buying naming rights for the arena.

The proposed deal would have Prudential pay the Devils about US$5 million a year in return for the arena being called the Prudential Center, Vanderbeek told the newspaper.

The $365 million venue is to open in October. The city of Newark, which is contributing $210 million toward construction, is to get a small portion of the naming rights money, the newspaper said.

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