Private equity firm TPG reached an agreement to acquire Learfield, the college sports multimedia rights agency and parent of Collegiate Licensing Company (CLC), reportedly for about $2 billion.
Learfield’s majority owners — Charlesbank Capital Partners and funds managed by Fortress Investment Group — hired Moelis & Co. and Bank of America last fall to explore a sale.
Learfield links more than 12,000 brands and over 1,200 institutions with a suite of sponsorship and media solutions, ticketing technology, licensing management, name, image, and likeness (NIL) strategy, and AI-enabled data platforming.
“Learfield is reshaping the future of collegiate athletics and live entertainment, uniting fans, brands, athletes, and universities, and growing our partners’ revenues at unprecedented levels,” said Cole Gahagan, president and CEO, Learfield. “As commercialization trends give rise to new IP-based opportunities, we’re excited to partner with TPG to continue investing in data, media, technology, and the creative solutions that power fan engagement.”
The partnership will provide Learfield with additional capital and resources to accelerate growth and innovation across its integrated platform, including sports sponsorships, ticketing (Paciolan), website and mobile app (Sidearm Sports), and licensed merchandise division (CLC). TPG will invest in Learfield through TPG Capital, the firm’s U.S. and European private equity platform, and TPG Sports, the firm’s dedicated investing business focused on partnering with leading companies and platforms shaping the future of sports.
“Learfield’s platform is catalyzing the growth of college sports by connecting thousands of premier brands to leading athletic programs, facilitating unique monetization opportunities for institutions while connecting sponsors to loyal fan bases nationwide,” said Peter McGoohan, a partner at TPG. “Through its deep network and quality offering, Learfield has positioned itself as a trusted partner to colleges across the country, and we look forward to working with Cole and the team to support the company’s next chapter,” said Kris Wong, Business Unit Partner at TPG.
In 2025, TBG launched TPG Sports in partnership with Rory McIlroy, Sean O’Flaherty and their team at Symphony Ventures to bring the firm’s signature transformation-oriented private equity approach to sports investing.
Charlesbank Capital Partners will remain a minority investor in Learfield and continue its long-standing partnership with the company. Learfield’s other investors will exit their stakes as part of the transaction, which is expected to close in the third quarter of 2026, subject to customary approvals and closing conditions.
Evercore acted as lead financial advisor to TPG. The Raine Group also served as the firm’s financial advisor. Ropes & Gray LLP and Mintz served as legal counsel to TPG.
Moelis & Co, LLC served as the lead financial advisor to Learfield, and BofA Securities also served as the company’s financial advisor. Davis Polk served as the company’s legal counsel.
Image courtesy CLC
