Private equity giant Providence Equity Partners has teamed up with the National Football League to form 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 both entities’ media expertise. The partnership will target growth equity investments of approximately $25 million 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 support the growth of high quality media assets around the globe,” said NFL executive vice president of business ventures Eric Grubman in a statement. “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 media assets that create meaningful value for both the business of the NFL and our fans.”
Providence Equity Partners is the world’s leading private equity firm focused on media, communications, education and information investments and has more than $28 billion in capital under management. Providence has been a major player in the cable space, and currently has investments in Univision Communications and the Yankees Entertainment and Sports Network. Its past media investments include Bresnan Communications, Brooks Fiber Properties, Hulu and Metro-Goldwyn-Mayer.
“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,” said Providence senior managing director Paul Salem in a statement. “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.”