Tuition Payment: Providence Equity To Make $425M Profit On Sale Of Learfield To Atairos

Providence Equity is "set to make" a $425M profit on the sale of sports marketing company Learfield to Atairos, according to documents cited by Matt Jarzemsky of the WALL STREET JOURNAL. The firm's sale of Learfield for $1.2-1.3B "represents a 2.9-times return" on a '13 investment (WALL STREET JOURNAL, 10/11). In Philadelphia, Bob Fernandez notes the deal is "expected to close in six to eight weeks, and Atairos will have a majority of seats on the newly formed board." Atairos CEO Michael Angelakis is a former Comcast CFO & Vice Chair. He launched N.Y.-based Atairos "earlier this year with Comcast's financial backing." Atairos has said that it will "keep its investments over several years." Comcast has a "first right to buy Atairos companies" (PHILADELPHIA INQUIRER, 10/11).