The Dallas Cowboys have long been one of the NFL's most storied franchises. But times are changing now that owner Jerry Jones has found the right partner to dance with-Dallas-based AT&T.

The home of the Dallas Cowboys is getting a new name, thanks a new naming rights deal between the club and AT&T, and this announcement has significant implications for the City of Arlington.

Arlington Mayor Robert Cluck said the City would receive some revenue from the naming rights deal to help pay off debt. Under the bond package approved by voters, Arlington will receive 5% of the naming rights deal, up to $500,000 per year.

While financial terms of the agreement weren't disclosed, Jones did say the deal with AT&T is not "the most is dollars that there has been for naming rights."

The venue will be officially known as AT&T Stadium. The name change takes effect immediately with new signage and logos.

As part of the deal, AT&T executive vice president and global marketing officer Cathy Coughlin said her company is investing in improvements to wireless technology at the stadium to create new and better mobile device "experiences" for fans.

Hear what the Dallas Cowboys, AT&T and the City of Arlington had to say about this multi-million deal.