Providence Equity Partners and the National Football League announced that a strategic partnership has been formed to focus on investments in entertainment and sports related media assets. The equity firm and the league committed themselves to equitably and jointly operate the partnership, though the terms were not made public.
The partnership would be targeting equity investments between US$25 million and US$50 million in private firms throughout the world, with the ability to increase these investments all the more.
According to Paul Salem, Senior Managing Director of the equity firm, "We believe there are many traditional and digital media properties that complement the NFL's business and can add lasting value."
Providence is an equity firm that focuses on communications, media, education and information interests. It currently has a portfolio of 130 companies throughout the world since its founding last 1989. Samples of these investments include the Chernin Group, Univision of Spain and the Yankees Entertainment and Sports Network.
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