Patriot Games End for CMGI Field

The last holdout of the Internet stock bubble threw in the towel Monday night.

CMGI ( CMGI) -- the Internet conglomerate that, in hindsight, epitomized the one-time mania for both Internet stocks and venture capital investments -- said late Monday that it was giving up its right to name the New England Patriots' football stadium CMGI Field.

Instead of paying $114 million over 15 years for stadium naming rights, CMGI will pay about $20 million over a dozen years for what it calls "more limited marketing rights." Naming rights for the one-time CMGI Field will be taken over by old-economy conglomerate Gillette ( G).

In a statement unlikely to shock anyone within shouting distance of the stock market, CMGI CEO George McMillan said: "CMGI's business, and indeed the business climate for technology companies overall, has seen drastic changes in the two years since we announced our original agreement with the Patriots."

Thus, CMGI Field goes the way of CMGI as an Internet high-flyer. It seemed to be there, but then it wasn't, leaving witnesses to wonder whether it had ever been there in the first place. CMGI's shares, which less than three years ago were trading above $100, closed at 40 cents Monday, up a penny.

CMGI is ceding the naming rights before the Patriots have even played in the stadium; the retreat comes one month before the Rolling Stones, one of the most durable bands in the history of rock-and-roll, kick off their American tour at the stadium.

The Patriots' dot-com monikered stadium dies a death similar to at least one other casualty: the home field of football's Baltimore Ravens. The name of collapsed telecom firm PSINet was officially removed from the stadium in April. The field is now known as Ravens Stadium at Camden Yards.

More from Technology

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Tuesday Turnaround in Politics: Is a Trade War on the Horizon?

Tuesday Turnaround in Politics: Is a Trade War on the Horizon?

FANG Stocks Get Swept Up in Broader Market Selloff

FANG Stocks Get Swept Up in Broader Market Selloff