ReachTV Takes Sizable Stake In Athlete-Backed PlayersTV, Extending Sports-Centric Streaming Outlet’s Reach To Airports And Hotels
26.01.2022 - 17:37
/ deadline.com
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.
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
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