Sports Online
Former CNN Exec Jeff Zucker Purchases Stake in Front Office Sports
“The team at Front Office Sports has built an impressive platform for sports business journalism, and I’m excited to help it grow in the years ahead.”
Published
7 months agoon
By
BSM Staff
Upon his departure from CNN one year ago, former network president Jeff Zucker launched RedBird IMI, a venture looking to invest in properties throughout the media and finance industries. The entity is composed of private equity firm RedBird Capital Partners and International Media Investments, and it has approximately $1 billion in capital backing from key figures within both entities. Zucker is now set to make his first acquisition and third investment with the reported purchase of a minority stake in Front Office Sports, a multiplatform media brand covering all aspects of sports business.
The company was launched by Chief Executive Officer Adam White and President Russell Wilde while they were in college, and the property rapidly flourished over the last several years. While most of the content from the publisher is free, it did begin selling paid subscriptions in 2021 and was able to raise $5 million from Crain Communications last year at an overall valuation of $25 million. According to Axios, which first reported news of negotiations and, ultimately, the closed deal, Front Office Sports will be part of EverWonder Studio – a new, non-fiction content outlet – being led by former Time, Inc. president Ian Orefice.
Orefice was recently involved in a deal between the studio and Meadowlark Media pertaining to a feature documentary about a feature documentary between tennis stars Chris Evert and Martina Navratilova. With Zucker’s purchase, the company now has a valuation of $40 million, and it also installs him as co-chairman of the board alongside Jason Stein, an investor within SC Holdings.
“The team at Front Office Sports has built an impressive platform for sports business journalism, and I’m excited to help it grow in the years ahead,” Zucker said in a statement. “Audiences are more interested than ever in the business of sports, and this investment will allow Front Office Sports to create even more compelling news content that draws people in.”
The minority investment encompasses the 20% previously owned by Crain Communications, and also includes additional shares from SC Holdings. Both RedBird IMI and SC Holdings will have equal minority stakes, while the rest are owned by employees.
“The business of sports has become ubiquitous in recent years, permeating across all corners of culture. It now commands mainstream attention and is part of even the most casual fan’s daily content consumption,” White said in a statement. “The foundation of our company was built on a deep understanding and connection to this shift, and has long informed our editorial strategy and product development. As we enter this next stage of expansion, we are incredibly excited to partner with Jeff Zucker, one of the media industry’s greatest minds.”
“Front Office Sports has become a clear leader and important voice in the growing sports media landscape,” Stein added in a statement. “We were an early believer in their approach to covering sports in a way that would influence business leaders and inform fans. This credibility with highly coveted audiences will continue to separate them as they expand the business.”
Front Office Sports has a twice-daily newsletter with more than 800,000 subscribers and reports on news targeted towards both mainstream consumers and industry professionals. In recent news, the outlet was one of the first to report on Taylor Swift being in attendance for the Sunday Night Football matchup between the New York Jets and Kansas City Chiefs. The company currently employs more than 40 reporters to contribute to its content, ensuring that it remains a timely and credible source of information.
Sports Online
Amazon Prime Video Reportedly Set to Land NBA Package
The expectation is that new NBA media rights deals will be for a 10-year period.
Published
2 days agoon
April 26, 2024By
BSM Staff
After a report earlier today from John Ourand of Puck said ESPN and the NBA “have essentially come to terms on a package,” a new report from The Athletic’s Andrew Marchand says Amazon Prime Video will be one of at least three main players in the overall NBA media rights package.
Marchand reports the NBA and Amazon “have the framework of a deal,” and that it will include “significant regular season and postseason games, perhaps even conference finals.” With the current agreement expiring after next season, it is expected the Amazon deal would start in 2025-26.
Ourand’s reporting suggests Warner Bros. Discovery has had “productive” talks with the league. Marchand mentions NBC and WBD potentially battling to be the third partner or the potential of the NBA partnering with four outlets. It is believed ESPN will have around 20 regular season games cut from its package to make room for at least an additional partner, but Disney will keep the NBA Finals on ABC.
The expectation is that new NBA media rights deals will be for a 10-year period. The league is looking to grow on the $2.6 billion average per year it is getting now from ESPN and TNT Sports.
Sports Online
Peacock Revenue Increases 54% Year Over Year in 1st Quarter
Comcast’s Peacock added 3 million subscribers in the first quarter of 2024, which was helped by the exclusive airing of the Chiefs-Dolphins playoff game.
Published
2 days agoon
April 26, 2024By
BSM Staff
Comcast’s Peacock added 3 million subscribers in the first quarter of 2024, which was helped by the exclusive airing of the Chiefs-Dolphins playoff game, the company said in its earnings report this week. The report also said revenue increased 54% year over year from $685 million to $1.1 billion. In total, Peacock lost $639 million compared to a loss of $704 million the prior year.
“Peacock remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends,” Chief Executive Brian Roberts said in a release.
In total, Peacock subscribers have climbed 55% year over year to reach 34 million. While domestic advertising revenue was flat, the expectation is the upcoming Paris Olympics will boost the advertising dollars for the year.
The Chiefs-Dolphins game on Saturday January 15 was the most streamed event ever in the United States, drawing 23 million viewers. Engagement with the playoff game accounted for the largest internet event in history, according to this data, with 30% of internet traffic prioritizing the game.
Sports Online
Sports Podcast Festival Coming to Raleigh in August
“What we did was look for shows that had significant audience crossover with one another. I truly don’t think we could have asked for a better lineup in year one.”
Published
3 days agoon
April 25, 2024By
BSM Staff
The first podcast festival in America devoted solely to sports content is coming to Raleigh, North Carolina on August 24, 2024. Produced by September Creative, The Sports Podcast Festival Presented by Breeze Thru will feature three shows.
Popular national shows The Shutdown Fullcast and Hand in the Dirt will join one of North Carolina’s fastest-growing shows, Ovies & Giglio, live on stage to celebrate a new college football season.
“Shows like the three that will be on our stage are why sports fans flock to podcasts,” said September Creative founder Demetri Ravanos. “They deserve their own party and we’re going to throw it! What we did was look for shows that had significant audience crossover with one another. I truly don’t think we could have asked for a better lineup in year one.”
The Sports Podcast Festival will take place at the recently refurbished Rialto Theater.
“Working with Demetri to bring The Sports Podcast Festival here is perfectly in line with our vision,” said Rialto Theater owner Hayes Permar. “We can’t wait to build and grow this into an incredible annual event. But most importantly, we have a bunch of really cool people from the sports world coming and also Joe Ovies.”
Joe Ovies is one half of Ovies & Giglio, which will open The Sports Podcast Festival. He and partner Joe Giglio left Raleigh radio last year and launched their podcast which has already reached nearly 2 million people.
Next in the lineup for The Sports Podcast Festival is Hand in the Dirt. The hosts, Michael Felder, Michael Surber, and Stephen Hartzell, describe their show as a “gardening podcast about football,” which mixes talk about being a dad and owning a home with serious college football conversation.
Headlining The Sports Podcast Festival is The Shutdown Fullcast. Billing itself as “the internet’s only college football podcast,” the show, hosted by Holly Anderson, Spencer Hall, Jason Kirk, and Ryan Nanni, garners millions of downloads each year.
Tickets for The Sports Podcast Festival go on sale on Saturday, May 25 via eTix. For more information, including announcements about other events surrounding the festival, follow @SportsPodFest on Instagram and X.
