12/03/2013 12:40 EST | Updated 02/02/2014 05:59 EST

Rogers secures naming rights for Edmonton's new arena

Rogers Communications Inc. has secured the naming rights for Edmonton's new downtown arena.

Rogers purchased the rights from Oilers owner Daryl Katz for an undisclosed amount of money, CBC News confirmed Tuesday.

Under the framework agreement reached earlier this year with The Katz Group, the city allowed the Oilers owner to keep any money earned from naming rights.

An ESPN survey valued similar rights in the $1-million range.

Pengrowth Management pays $1 million per year for the naming rights of Pengrowth Saddledome in Calgary, while General Motors pays $844,336 for Vancouver's General Motors Place.

Air Canada pays $1.5 million to name Air Canada Place, home to Toronto's Maple Leafs and Raptors.

A news conference announcing the deal is scheduled for 1 p.m. MT.