Thursday, March 28, 2013

Sporting News Flirts with U.K. Digital Rights Co. While Paring Staff

The Sporting News photo of Jay Hughes
(Photo credit: Wikipedia)
The American City Business Journals Inc. ("ACBJ")-owned Sporting News is teaming up with U.K. digital rights company, Perform, on a near-$6 million venture based in New York, Reuters wire service reported today.

Meanwhile, The Sporting News, a 127-year-old brand that in its print magazine incarnation was known as the "Bible of Baseball" before it expanded its coverage to other sports in the 1960s, is slashing its budget, reportedly trimming a dozen editorial slots, according to Web site.  Among the prominent sports journalists axed were former New York Times reporter Clifton Brown, soccer writer Brian Straus and one-time Boston Globe sportswriter Lisa Olson.

According to Reuters, Perform is kicking in $1.4 million to ACBJ's $4.6 million initial investment in their joint venture. Perform Sporting News Limited ("PSNL") will own 65 percent of PSNL, and ACBJ will have a  35 percent stake in the venture, which Perform may acquire for $65 million up to 2017, Reuters reported.

Perform acquires online rights to sporting events and distributes video clips and live content for a price to newspaper Web sites and other groups, including bookmakers. 

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