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SBD/Issue 205/Sports Media
Open Sports To Build, Operate Fox Sports' Fantasy Offerings
Published July 14, 2009
|Fox' Fantasy Games Will Be Promoted
During Tonight's MLB All-Star Game
WEB SITE RESTRUCTURING KEY TO DEAL: Levy credited the recent restructuring of FoxSports.com in which the operation reports directly to the network’s broadcast sports component instead of Fox Interactive Media as a significant breakthrough to striking the deal. Levy: “That was big. And you look at all the assets they bring to bear between the national reach, the regionals, the Web site and so forth, I think we reach 100% of football fans in the country now. So that’s absolutely huge for us. We think we can do great things together.” Open Sports, meanwhile, is completing a $4M private placement that will add to a prior $10M round of venture capital used to start the company. The new money comes from the original Open Sports investors who were asked to re-invest at 40% of their prior commitment.