ReachTV Takes Sizable Stake In Athlete-Backed PlayersTV, Extending Sports-Centric Streaming Outlet’s Reach To Airports And Hotels
ReachTV, a distribution network based in high-traffic areas like airports and hotels, is making a seven-figure investment in sports-centric streaming outlet PlayersTV.
The partnership will extend the reach of PlayersTV, which bills itself as the first athlete lifestyle network. Players Media Group, which is owned by a group of several dozen top athletes, among them NBA stars Chris Paul and Damian Lillard and NFL standout Travis Kelce, launched PlayersTV in March 2020. Its lineup of shows like the Shark Tank-esque entrepreneurship competition series Front Office can be viewed globally across a range of linear, digital and streaming platforms.
ReachTV founder and CEO Lynnwood Bibbens and PlayersTV co-founder Deron Guidrey announced the deal, which was spearheaded by newly appointed PlayersTV CEO Angela Bundrant. It will give PlayersTV access to ReachTV’s network of 2,500-plus airport screens and 1 million hotel rooms.
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The exact financial terms of the investment and the size of the stake in PlayersTV were not disclosed.
The companies said their combination would create new sponsorship for athletes and talent and plug PlayersTV into a network that already generates significant cash. The announcement said the partnership is initially projected to deliver about $20 million in annual revenue. Initially focused on the domestic footprint of PlayersTV, the arrangement will serve as a pilot program for a potential global expansion.
“I can’t underscore enough the importance that this deal has culturally,” Bibbens said in a press release. “This is about Black-run media companies building a bigger table, recognizing the intrinsic value they bring one another, and forgoing competition for collaboration and growth.”
Guidrey added that it has “always been my vision to make smart growth decisions for our athletes & partners. Angela joins at this key time in our trajectory with an understanding of the vision and value of this collaboration and what it means to our network and creators.”
Prior to joining PlayersTV, Bundrant spent nearly eight years as an executive at Sean “Diddy” Combs’ Revolt Media & TV.
“I am honored to join the incredible team at PlayersTV and help build upon what is already a great company at this monumental scaling up,” she said. “Our brand is unique in that it is powered as a hub for athlete content that shares the value of the IP with our athlete partners.”
ReachTV carries a range of programming from NBCUniversal, AMC, Live Nation, Rotten Tomatoes/Fandango and other suppliers. The company recently expanded into live sports, announcing a deal with the NFL before the start of the 2021 season.
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