Business

NFL hires Goldman Sachs to help sell media properties: report

The National Football League has employed Goldman Sachs because it explores choices to sell stakes in its media properties together with the NFL cable channel, NFL Digital and NFL RedZone, in accordance to a report.

The league instructed crew homeowners in a letter Wednesday that the transfer is geared toward increasing the attain of its TV and digital properties, according to The Wall Street Journal.

The NFL didn’t instantly return requests for remark.


In its letter to crew homeowners, the league stated it’s aiming to create “an even more dynamic media asset that extends reach and engagement and creates additional value for the clubs — including through direct-to-consumer opportunities, new and innovative content and formats, and international expansion.”

League and crew officers stated the transfer relies on the idea that the league’s TV and digital property will flourish with larger media and tech firms quite than remaining standalone properties.

Nonetheless, the NFL stated it isn’t trying to sell its media properties outright however as a substitute sell a stake in them and keep management of them. While there’s no timetable for the method, the league stated talks would probably run via the 2021 NFL season.

“As the whole world of communications and digital media changes, we want to find a partner who can further help us maximize the reach and potential the NFL assets represent,” stated New England Patriots proprietor and chair of the league’s media committee Robert Kraft instructed The Journal.

Las Vegas Raiders wide receiver Henry Ruggs III kneels during an NFL football practice.
The league employed Goldman Sachs to help it discover companions to purchase stakes in media property just like the NFL Network.
John Locher/AP

“We are not selling. We are looking for investment partners,” added Dallas Cowboys proprietor Jerry Jones, who can also be a member of the league’s media committee and chairman of the owned and operated media committee, which incorporates the NFL Network and the favored RedZone, a commercial-free spotlight present.

The Journal reported that NFL Commissioner Roger Goodell circulated a workers memo asserting that the league has “a number of rights and assets to support the future growth of our business,” together with dwell video games, tentpole occasions just like the NFL draft and “a myriad of opportunities around legalized sports betting.”

NFL Commissioner Roger Goodell
NFL Commissioner Roger Goodell
John Bazemore/AP

The transfer to discover new partnerships comes months after the NFL inked a bevy of profitable TV and streaming rights offers valued at over $100 billion.

Although the league sees the chances {that a} strategic partnership can unlock, Kraft stated there’s no stress to ratchet up a deal.

“We’re only going to do it if it’s the right fit,” he stated. “It has to be clear that it’s someone who can manage our resources better than we can.”


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