Anybody want to invest in Motocross.com, Wetsand.com, and RunNow.com? 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, Tickets.com, etc) is a sports version of Glam.com — 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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