Perform Group, the sports content distributor, and American City Business Journals (ACBJ), a division of Advance Publications, have established a new company, Perform Sporting News.
Based in New York, with sales and editorial teams in Charlotte, Chicago and Los Angeles, Perform Sporting News is expected to materially enhance Perform's direct to consumer scale and presence in the US and Canada.
Perform Sporting News brings together Perform's US and Canadian consumer and advertising businesses, Goal - a large football website - and the digital assets of ACBJ's consumer web division Sporting News.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group said that the combined business will have a reach of over 33m average monthly unique users, and a team of 100 journalists, sales and technical staff providing sports fans and business partners with news, editorial comment, video and statistics across eight sports including the NFL, MLB, NBA, NHL and College Sports.
The venture is expected to be revenue enhancing and earnings neutral for Perform in 2013 and revenue and earnings enhancing thereafter.
The venture will be owned 65% by Perform and 35% by ACBJ. On completion, Perform will provide loans and cash equity of $1.4m and ACBJ loans and cash equity of $4.2m to the Venture to cover its working capital needs.
Commenting on the venture, Oliver Slipper, Joint Chief Executive Officer of Perform, said: "We are excited to announce this partnership between Perform and ACBJ, which brings together the leading provider of online sports video and one of the US's flagship sports media brands."
He added:"Together, we will bring the best news, editorial, video and data content of professional and College Sports to millions of sports fans in the US and Canada and provide advertisers with a complete digital sports offering across the web and mobile and across both video and display."
MF
-
British Airways revamps Avios scheme bringing down flight prices to £1With the new Avios part-payments scheme you can now bag a British Airways flight for as little as £1
-
RBS to close a fifth of branchesRoyal Bank of Scotland plans to shut 18 branches across Scotland, resulting in the loss of 105 jobs. We have the full list of closures.
