Bloomberg Sports has completed a joint venture partnership deal with IMG
in which the global sports and entertainment company has acquired a
minority stake in Bloomberg's fast-growing fantasy and professional
sports management operation. Financial terms were not disclosed, but
industry sources pegged the deal in the $6-8M range, with IMG acquiring
roughly a third of the company and Bloomberg retaining majority control.
The alignment, several months in development and first reported in April by SportsBusiness Journal,
is designed foremost to accelerate an international expansion of
Bloomberg's sports-oriented analytics products. "We're very excited to
have this done and be able to look to the next phase of our company's
growth," said Head of Bloomberg Sports Bill Squadron, head of IMG
Media's interactive operations in North America from '04-06. "We think
there's a huge opportunity for us in both Europe and Asia in things like
soccer and cricket." Bloomberg Sports, in operation for nearly four
years, has built a two-pronged operation in which it sells a variety of
analytics products to fantasy sports enthusiasts, and also has developed
professional-grade products used by more than 20 MLB clubs to evaluate
players and opponents. Inner Circle Sports advised Bloomberg Sports on
the deal. "Bloomberg is a renowned global brand, and we are very excited
about our investment," said IMG Senior VP/Strategic Planning &
Financial Operations Rob Ponger. "We believe the field of data analytics
has enormous growth potential and IMG's presence around the world can
play an important role in the success of this partnership going
forward." Bloomberg Sports will retain its brand name, as well as
existing offices in both N.Y. and London.
