DENVER, Aug. 20,
2024 /PRNewswire/ -- ALLCITY Network, the operator of
multi-platform local sports networks, has raised its Series B
funding. The round is led by public broadcast company,
TEGNA (NYSE: TGNA). Existing investors Mosaic General
Partnership and Bullpen Capital also participated in the round. The
TEGNA investment brings ALLCITY Network's total funding beyond
$25M and further accelerates the
company's position within the digital sports industry.
In addition to the investment, ALLCITY and TEGNA have entered
into a commercial agreement that encompasses cross-promotional
opportunities, content licensing, revenue extension opportunities
and distribution via TEGNA station's linear channels and streaming
apps in some of America's most important sports markets.
Additionally, talent from ALLCITY and TEGNA's Locked On Podcast
Network will make guest appearances across each other's shows.
"ALLCITY is at a monumental inflection point where the next 18
to 24 months will not only define who we are as a company but will
also define the future of local sports coverage in America," says
CEO Brandon Spano. "We have never
had more conviction about our model and our brand than we do right
now. For this to also be recognized by such a powerful group of
investors only reinforces that vision and increases our commitment
to building America's next major sports network."
"Nothing brings local communities together like local sports,
which is why we are pleased to be doubling down on the category
through our investment and partnership with ALLCITY," said
Adam Ostrow, Chief Digital Officer
at TEGNA. "Through its multiplatform approach, distinctive
editorial voice and diverse offerings, ALLCITY has demonstrated an
ability to form deep connections with local sports fans and
advertisers, making them an ideal partner to further expand TEGNA's
robust sports offerings across TV and digital."
ALLCITY intends to use the proceeds for continued market
expansion, investment into streaming, FAST operations and the
hiring of key management positions.
ABOUT ALLCITY NETWORK
ALLCITY Network is reimagining
local sports coverage, delivering daily, team-specific shows
available across streaming video, podcast, and other digital
platforms. Launched in 2019 in Denver, ALLCITY has since expanded to
Phoenix, Chicago, and Philadelphia and its portfolio now includes
30+ daily shows across the country. In addition to media products,
ALLCITY Network reaches fans with original custom apparel lines and
community-driven events, such as tailgates and watch
parties. For more information about ALLCITY Network,
visit www.allcitynetwork.com.
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SOURCE ALLCITY Network