Tech/media investors Kenneth Lerer and Bob Pittman have teamed up with some other investors to buy a $20 million share of the New York Mets, the Wall Street Journal reports.The primary owners of the Mets, the Wilpon family, sold 12 $20 million shares to raise some cash for the team, which has been cash-strapped in recent years.
Hedge fund manager Steve Cohen of SAC Capital bought one share. And now Lerer and Pittman have bought another.
Ken Lerer founded The Huffington Post and has invested in dozens of New York-based digital startups over the past decade. He now runs Lerer Ventures with his son Ben, who founded Thrillist.
Photo: Business Insider
Bob Pittman was the President of AOL in the 1990s and then founded private-equity firm Pilot Group. He has now returned to his roots in the radio business (he was once a DJ) as the CEO of Clear Channel.Messrs. Lerer and Pittman will now presumably have the pleasure of watching New York’s crappier baseball team whenever they feel like it.
Disclaimer: Ken Lerer is an investor in Business Insider. Bob Pittman’s Pilot Group is an investor in Business Insider. Ken and Bob are friends of mine. Ken invited me to a Mets game once (I was grateful — I hope he invites me to another!). I like the Mets when they win, but they never win. I’m a Yankees fan. Ken Lerer is going to give me grief for reporting that he just bought New York’s crappier baseball team.