The partners aren’t saying how much they’re kicking in, but the global venture will invest “primarily in sports and entertainment related media assets.” They’re targeting growth equity investments of as much as $50M in private companies and, they add, “have the capacity to make larger investments as needed.” They see “many traditional and digital media properties that complement the NFL‘s business and can add lasting value,” says Providence Senior Managing Director Paul Salem. Each will own equity in the partnership and run it jointly. Providence has a lot of experience in media; it was a major investor in Hulu, the YES Network and Warner Music and backs Univision and The Chernin Group. “We selected Providence as our partner because they share our vision of the opportunities and bring exceptional experience and relationships in the industry,” NFL exec Eric Grubman says. “Together we will focus on innovative media assets that create meaningful value for both the business of the NFL and our fans.”
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