L.A.-based private equity firm Shamrock Capital Advisors has "agreed to buy a majority stake" in Learfield Sports, according to Michael Smith of SPORTSBUSINESS JOURNAL. Learfield owns the multimedia rights to 48 schools, "most notably blue-chippers Alabama, North Carolina, Oklahoma and Penn State, as well as the Big Ten and Missouri Valley conferences." The new capital from Shamrock will "push Learfield to enhance its current lines of business while developing new ones, either through acquisition or its own initiative." Learfield President & CEO Greg Brown said, "It's a substantial move for the company. We've been in business and essentially had the same ownership for 40 years, so this is an important step for the company. From a practical standpoint, this will provide us with the resources that we wouldn't have had otherwise." Terms of the sale were "not released and it's uncertain what percentage of the company Shamrock controls, except it's a 'significant majority,' according to Brown." Brown will "remain president and CEO, and other senior managers will continue in their current roles." Brown said that the company "intends to specifically grow its national sales staff, and no reductions are expected" (SPORTSBUSINESS JOURNAL, 12/5 issue).
