IMG Takes Stake In Bloomberg Sports
Bloomberg and IMG just unveiled a major partnership aimed at accelerating the growth of Bloomberg Sports. The new venture, which will retain the Bloomberg Sports name, will be funded through a joint venture partnership created by both entities and in which IMG will hold a significant minority equity position.
As part of the deal, IMG will provide enhanced marketing, sales and production assistance for both the existing Bloomberg Sports analytics products, as well as a new series of projects that will be rolled out this summer. Bloomberg Sports' focus has to date been on MLB and NFL Football, but in a statement the company said it will soon launch new products in professional soccer and other sports.
"We are very excited to partner with IMG, one of the most respected global leaders in sports and entertainment, to expand a business that was the brainchild of two entrepreneurial employees and incubated through Bloomberg in just two years," said Dan Doctoroff, CEO Bloomberg L.P. "That team, led by Bill Squadron, has created a great foundation, and we are now positioned for growth into other sports both domestically and globally, with the assistance of IMG's expertise."
"There are few, if any global business brands more respected than Bloomberg, and we are proud to be able to align with them on this new venture, which we think will take the core business that they have built in analytics and expand it exponentially on a global basis," said Michael Dolan, Chief Executive Officer, IMG Sports and Entertainment. "The ability to effectively use data to analyze and enhance the experience in sport for fans and for professionals has never been more important than it is today, and there is no company that has proven they can do it better, more efficiently and effectively than Bloomberg Sports."