Outfront Media Sells Sports Business to Playfly
Maybe things are not so rosy at OUTFRONT. They just announced the sale of their sports marketing business. Colleges and universities are having Covid related issues like every other business. Maybe OUTFRONT is staying in its lane and with what they should know best or maybe they need the cash. Or perhaps they received an offer so damn good they couldn’t refuse. Wait, the Godfather is dead. Read the official announcements, one from Outfront and the other from Playfly Sports, with an additional insight from Seeking Alpha below.
OUTFRONT Media Announces Sale Of Sports Marketing Business
NEW YORK- OUTFRONT Media announced today that it has completed the sale of its Sports Marketing operating segment to Playfly Sports (Playfly,LLC). The Sports Marketing operating segment is the marketing and multimedia rights holder for a variety of colleges, universities and other educational institutions across the United States. Terms weren’t disclosed.
According to Seeking Alpha: “In OUTFRONT’s last earnings report, early last month, it noted revenues slid nearly 52% in large part due to COVID-19 impact on sports marketing, after cancellation of spring sports at colleges and universities” (along with customers cutting ad expenditures).
Here is the Playfly Sports official release⇒PLAYFLY SPORTS EMERGES AS NEW PLAYER IN COLLEGE SPORTS MULTI-MEDIA RIGHTS GAME WITH ACQUISITION OF OUTFRONT MEDIA SPORTS