Intuit Buys Arena Naming Rights, MailChimp: What's Up?

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Intuit’s marketing investment. The Los Angeles Clippers today announced that the software company has secured naming rights to its arena, which CNBC’s Jabari Young reports is a 23-year agreement worth more than $500 million. It comes less than a week after Intuit announced it will spend $12 billion to buy digital marketing and newsletter platform MailChimp.

Intuit’s moves are important because they’re a bold strategic direction from a company that serves both consumers and small businesses, and has at times seemed ambivalent about the dual identity. Intuit acquired Credit Karma for $8.1 billion in 2020, just before the pandemic hit the U.S., clarifying a deeper commitment to consumer services; this planned MailChimp buy makes an equally strong statement about small business marketing services that drive revenue.

If Intuit sees an opportunity to accelerate out of the pandemic through these consumer and small business platforms, there’s likely to be a lot more money pouring into both sides of that bet.

Coming up today on CNBC’s TechCheck, 11 a.m. ET / 8 a.m. PT …

FireEye CEO Kevin Madia

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