Sports Rollup Sportnet Looking For Funding

Anybody want to invest in,, and Sportnet, the rollup that owns those sports sites and about eight others, is out looking for funding. We hear the company, a division of Casey Wasserman’s Wasserman Media Group, wants to split off on its own, and raise between $10 million and $30 million.

The pitch: Sportnet, run by entertainment vet Ron Bension (Universal Studios,, etc) is a sports version of — part publishing network, part ad network. The company’s sites supposedly attract 3 million monthly uniques, and its rep sites draw in 2 million more.

One weird wrinkle: the company also owns the television rights to a handful of non-mainstream sports events, like track and field’s once-storied Millrose Games.

Those TV rights are responsible for nearly half of Sportnet’s $25 million in annual revenue, say people familiar with the company. Which explains why the company is looking for a non-Internet valuation of 2x or 3x revenue — $50 to $75 million. But at this stage of Bubble 2.0, investors may well appreciate a company with an established revenue stream that’s not dependent on web ads.

Anyone biting — or hearing about anyone biting? Let us know at [email protected]

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