National Football League and Providence Equity Partners Form Global Strategic Partnership to Invest in Media Assets
NEW YORK AND PROVIDENCE, RI – March 18, 2013 – The National Football League (“NFL”) and Providence Equity Partners (“Providence”) today announced that they have formed a global strategic partnership to invest primarily in sports and entertainment related media assets.
The NFL and Providence will each commit equity to the partnership and operate it jointly, leveraging the NFL and Providence’s media expertise. The partnership will target growth equity investments of approximately $25 to $50 million in private companies around the world and have the capacity to make larger investments as needed.
“We are excited to partner with Providence, a leading player in the media sector, to identify and evaluate high quality media and technology related assets that could make sense for NFL investment,” said Eric Grubman, Executive Vice President of Business Ventures at the NFL. “We selected Providence as our partner because they share our vision of the opportunities and bring exceptional experience and relationships in the industry. Together we will focus on innovative growth opportunities that could create meaningful value for the NFL and our fans.”
Paul Salem, a Senior Managing Director at Providence, said, “The NFL is the world’s premier sports and entertainment property and is in a unique position to help and benefit from the growth of a wide range of media assets. We believe there are many traditional and digital media properties that complement the NFL’s business and can add lasting value. We look forward to a long and fruitful partnership.”
About the National Football League:
The National Football League is America’s most popular sports league, comprised of 32 franchises that compete each year to win the Super Bowl, the world’s biggest annual sporting event. Founded in 1920, the NFL developed the model for the successful modern sports league, including extensive revenue sharing, competitive excellence, strong franchises across the board, and national distribution.
About Providence Equity Partners:
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, communications, education, and information companies around the world. The principals of Providence manage funds with $28 billion in commitments and have invested in more than 130 companies globally since the firm’s inception in 1989. Providence investments in sports and sports marketing, and entertainment related media companies include AutoTrader.com, The Chernin Group, Hulu, Kabel Deutschland, MLS Media, ProsiebenSat.1, Univision, World Triathlon Corporation, and Yankees Sports & Entertainment Network. Providence is headquartered in Providence, RI (USA) and also has offices in New York, London, Hong Kong, Beijing, and New Delhi. Visit www.provequity.com for more information.
CONTACTS: NFL: Brian McCarthy, NFL, firstname.lastname@example.org
Providence: Andrew Cole / Jonathan Doorley, Sard Verbinnen & Co, (212) 687 – 8080