PlayOn! Sports, a high school sports media company, reached a definitive agreement to receive a significant investment from KKR, the investment firm, alongside PlayOn! existing shareholder, Panoramic Ventures.
The investment will support growth as it continues to focus on building products and experiences for state associations, high schools and high school athletes. Financial terms were not disclosed.
Founded in 2008, PlayOn! operates the NFHS Network, a live and on-demand content provider for high school sporting events across more than 27 sports and other high school activities in the U.S. The NFHS Network is a joint venture with the National Federation of State High School Associations (NFHS) and its member state associations.
The platform also directly supports student athletics with revenue streams to participating high schools and state associations. The company partners with almost “8,000 high schools” across the country.
“We are pleased to welcome KKR as a new investor who shares our passion for high school sports and supports our vision for building the leader in high school sports media and technology,” said David Rudolph, founder and CEO, PlayOn!. “KKR’s deep experience in building leading consumer technology and digital media businesses, along with our continued partnership with Panoramic Ventures, will be invaluable as we look for opportunities to make high school sports even more accessible to new fans and communities across the country. Our extensive relationships with the NFHS, state associations, and high schools will always be central to everything we do, and we will continue to remain focused on our long-term goal of streaming every high school event in the country.”
KKR is making its investment in PlayOn! through its North American private equity strategy. The transaction is expected to close in the first quarter of 2022 subject to customary closing conditions.
Goldman Sachs & Co. LLC served as financial advisor to PlayOn!, and Nelson Mullins Riley & Scarborough LLP served as legal counsel to the company. Kirkland & Ellis LLP served as legal counsel to KKR.