Providence Equity Acquires Controlling Interest In Learfield Sports
Private-equity fund Providence Equity Partners has acquired a controlling interest in Learfield Sports from Shamrock Capital Advisors. In a statement last night, Learfield CEO Greg Brown said Providence "will provide us with the necessary resources, expertise and guidance to achieve our strategic goals." Shamrock acquired 80% of Learfield Sports in December '11 for $80M, but the terms of Providence's acquisition were not available. Brown, who will retain his position as CEO, said the senior leadership will remain in place and no significant personnel changes are expected immediately. Brown: "Our plans for growth are robust, and we are grateful that Providence Equity Partners has endorsed those plans."