NFL, Providence Equity form strategic investment partnership
NEW YORK, March 18 |
NEW YORK, March 18 (Reuters) - The National Football League and Providence Equity Partners announced on Monday that they have formed a strategic partnership to focus on investing in sports- and entertainment-related media assets.
The NFL and the New York-based private equity firm said they will commit equity and jointly operate the global strategic partnership. Terms of the commitments were not public.
The partnership will target growth equity investments of approximately $25 million to $50 million in private companies around the world and have the ability to make larger investments.
Paul Salem, a senior managing director at Providence, said: "We believe there are many traditional and digital media properties that complement the NFL's business and can add lasting value."
Providence, which specializes in media, communications, education and information companies, has invested in more than 130 companies globally since the firm's inception in 1989.
Some of its current investments include movie and television production company The Chernin Group, Spanish language media company Univision Communications Inc, and Yankees Entertainment and Sports Network.
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