Sources said that Providence Equity Partners LLC, owner of the parent of the Ironman Triathlon race, is "exploring options for the company including a potential sale or initial public offering," according to Baker & Roumeliotis of REUTERS. Providence Equity's World Triathlon Corp. has reportedly held talks with investment banks in recent weeks about "appointing advisers that will help it explore its options." World Triathlon Corp. has annual earnings before interest, tax, depreciation and amortization of more than $50M, and sources indicated it could be valued at "more than 10 times that amount, including debt." The asset could appeal to "other private equity firms or companies that invest in content and live events," the sources said. Live events and sports brands are "some of the most attractive and fast-growing areas of the media industry." The company generates revenue from
selling licensing for merchandise and is "also paid through entry fees,
sponsorships and global TV rights." The company raised $240M in financing last summer and paid a dividend to Providence (REUTERS, 2/25).
