“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.”
Who said it: Paul Salem, a Senior Managing Director at Providence Equity Partners
In context: The quote is from a press release announcing the NFL’s intention to team up with Providence to invest in digital media businesses that benefit the NFL and its fans. It is not unusual for large organizations to create corporate venture funds, Intel Capital, is a classic example, but it is unusual to see one in the area of professional sports franchising, and the announcement generated quite a bit of press coverage. According to the WSJ, the two entities plan to jointly invest about USD 300 million. The two will target start-ups that work within sports, media and technology, specifically innovative media assets. The deal with Providence highlights the league’s new push to find revenues beyond the traditional sources of media-rights fees, ticket sales and licensing, says the WSJ.
Where we found it: NFL Communications