Spartan Race, Inc. sold minority stake to Hearst Ventures, marking a significant foray into the live event space for Hearst. The announcement was made by Joe De Sena, founder and CEO, Spartan Race, and George Kliavkoff, president, Hearst Ventures. Terms of the deal were not disclosed.
Other notable Hearst investments include Pandora, Brightcove, XM Satellite Radio, Eink, Sling Media, Exodus, Broadcast.com, Hootsuite, IGG and Buzzfeed.
Founded in 2010, Spartan Race has grown to become the world’s preeminent obstacle race company, with more than 1 million racers participating in Spartan Races in 25-plus countries.
“Spartan has remained steadfast in its mission to change lives around the world through offering the best obstacle race event and educating consumers on how to lead a healthy lifestyle,” De Sena said. “We are honored that Hearst has endorsed our mission through its decision to invest in the company. Having a global media powerhouse like Hearst join our team will provide us access to invaluable expertise and other strategic resources we need to continue growing our footprint globally and developing the Spartan ecosystem of health and wellness offerings.”
Spartan’s popularity has also led to its partnership with NBC Sports, where a new competition reality series, Spartan: Ultimate Team Challenge, is set to air on June 13, on the NBC broadcast network. Spartan Race offers a variety of other products and services as well, including training programs, performance apparel, nutritional content and development tools for individuals and employers.
“Hearst prides itself on investing in best-in-class properties, and recently has been eager to invest in event platforms,” said Scott English, managing director, Hearst Ventures. “Spartan Race is the gold standard in obstacle racing which has emerged as one of the fastest growing sports in the world. The company is at the forefront of growing international demand for engaging, participatory experiences and increasing focus on healthier living. We believe the Hearst platform is perfectly suited to help Spartan Race continue its incredible growth story worldwide.” English will be joining the board of Spartan Race.
