The Athletic just received a new influx of cash. The company’s has raised $40 million in series C funding. The company has now raised a total of $70 million since its launch in 2016. A source told Axios that the company’s current valuation is in the neighborhood of $200 million.
The financial success of a digital media brand built on consumer subscriptions in a time when venture capitalists are seeing poor return on their investment in ad-based digital media brands is noteworthy. The Athletic touts this strategy as a slower, but more realistic method of generating profit. “Our revenue comes in recurring payments. It’s a lot less explosive than ad companies — it’s harder to build — but the payoff is huge in revenue foundation,” co-founder Alex Mather said at the company’s launch.
The latest investment is coming largely from two venture capital firms. One is Founders Fund, based in San Francisco. Peter Thiel, a founding partner of Founders Fund, is best known for his vendetta against Gawker Media that led to him funding Hulk Hogan’s lawsuit against the company and causing their bankruptcy. The firm has been quick to point out that he will have no involvement with The Athletic. The other firm leading the new round of funding for The Athletic is Bedrock Capitol.
NASCAR Driver Denny Hamlin Launching Podcast with Dale Earnhardt Jr & Dirty Mo Media
“New episodes will be published each Monday during the NASCAR season with previews and reviews of races, with the goal of inviting guests and interacting with fans playing a future role in the series.”
Dale Earnhardt Jr.’s Dirty Mo Media has announced a podcast deal with NASCAR driver Denny Hamlin.
Hamlin will host Actions Detrimental with Denny Hamlin on a weekly basis during the NASCAR season. The Actions Detrimental branding is verbiage used by NASCAR for fines assessed to drivers for their disparaging comments about the sport. Known as one of NASCAR’s more outspoken drivers, Hamlin has been fined several times under the “actions detrimental to stock car racing” statutes.
New episodes will be published each Monday during the NASCAR season with previews and reviews of races, with the goal of inviting guests and interacting with fans playing a future role in the series.
Denny Hamlin jokingly thanked Dirty Mo Media for the “opportunity and the fat check” the company wrote for him to host the podcast in a Twitter announcement.
The 42-year-old Hamlin has won 48 races during his 18-year NASCAR Cup Series career. In addition to serving as a driver for Joe Gibbs Racing, he co-owns 23XI Racing with basketball legend Michael Jordan.
The podcast is the latest in an expansion of content produced by the Mooresville, North Carolina-based digital outlet. After beginning with The Dale Jr. Download, the company has grown to include other podcasts like Door, Bumper, Clear, and Speed Street, as well as video projects like The Next Level.
Barstool Sports CEO: Golf Likely Next Step For Company’s Live Broadcasts
“I think we‘ll start with the biggest sports that we know and love.”
Barstool Sports CEO Erika Nardini recently did a wide-ranging interview with AdAge.com about the future of the digital sports outlet’s television aspirations, and she said sports they’re familiar with will take priority.
“”We want sports that appeal to a broad audience. We’re kind of tickled to be able to broadcast things in the first place. So I think we‘ll start with the biggest sports that we know and love, whether it’s basketball and football,” Nardini said. “You could definitely see that extended to golf, that would probably be the next place that we’ll play.”
The questions about Barstool’s future aspirations come after the company’s successful first broadcast of the Barstool Sports Arizona Bowl. Barstool says the broadcast received nearly 1 million views, peaking at 130,000 concurrent viewers. The outlet also broadcasted the Barstool Sports Invitational that featured Akron, Mississippi State, Toledo, and UAB in November.
Nardini added that the company is interested live televised sports for a few reasons.
“We’re owned by a sports betting company and the more we think about building our sports platform, there’s obviously a huge opportunity for us to convey a whole bunch of offerings to our audience, but certainly betting will be one of them…I think that live sports on television is the last man standing where it’s all anyone tunes in for.”
Fanatics to Open First Sportsbook Inside FedEx Field
“The location at the home of the Washington Commanders will make it the first sportsbook to open inside an NFL stadium.”
Sports licensing giant Fanatics will soon be launching its long-anticipated sportsbook.
The company will open up a physical sportsbook location in Maryland at FedEx Field on January 20. Fanatics has also been granted a license to operate in Massachusetts, tethered to Plainridge Park Casino.
The location at the home of the Washington Commanders will make it the first sportsbook to open inside an NFL stadium. Bettors in the DMV will now be able to place wagers at all their local teams’ venues, as William Hill has an on-site location at Capital One Arena – home of the Capitals and Wizards – and BetMGM has a space at Nationals Park in D.C.
Despite having a physical location at FedEx Field, bettors in Maryland will not be able to place mobile wagers through a Fanatics Sportsbook app.
According to Front Office Sports, Fanatics hopes to have the sportsbook up and running in some fashion in all states where legal by September.
Jordan Bondurant is a features reporter for Barrett Sports Media. He works full-time as a multimedia specialist at the Virginia State Corporation Commission, while also putting in part-time work for News Radio WRVA and 910 The Fan in Richmond. Additionally, you can find Jordan contributing coverage of the Washington Capitals for the blog NoVa Caps. His prior media experiences include working for the Richmond Times-Dispatch, the Danville Register & Bee, Virginia Lawyers Weekly and ABC 8News. He can be reached by email at firstname.lastname@example.org or follow him on Twitter @J__Bondurant.