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JPMorgan Partners Invest $25 Million in CSTVAug. 11, 2004 -- College Sports Television announced today that it completed a Series C equity round and secured a $25 million investment from JPMorgan Partners, the private equity arm of JPMorgan Chase & Co. (NYSE: JPM) The New York City Investment Fund, along with several existing CSTV investors, has contributed an additional $12 million to the round. CSTV investors include Constellation Ventures, Allen & Co. and The Coca-Cola Company. CSTV is comprised of two business units: College Sports TV and College Sports.com. College Sports TV televises regular season and championship event coverage from every major collegiate athletic conference, in addition to nine NCAA Championships. The network's innovative mix of event, studio and documentary programming cover and promote college sports from more perspectives than any other network. CollegeSports.com, the most-trafficked college sports Web site, and its network of nearly 160 official athletic sites are the number one online source for college sports broadband content, news, information, scores and analysis. "We look forward to helping the CSTV management team grow their premier college sports platform," Michael Hannon, Partner of JPMorgan Partners, said. "CSTV has emerged as a leader in college sports, growing from a single channel into a broadband multi-media platform to distribute college sports content." "JPMorgan Partners' investment validates our strategy to build a business that connects fans with college sports using new and traditional technologies," said Brian Bedol, President and CEO, CSTV. "We are excited about the opportunity to partner with JPMorgan Partners, an experienced media investor and a firm with a truly global franchise." "We are thrilled to be the on-air and online home for college sports and college sports fans coast-to-coast," added Bedol. "Emerging platforms such as broadband, video-on-demand and telephony also enable us to deliver tremendous value to our distribution, marketing and programming partners." College Sports TV currently has agreements with distributors that represent more than 52 million homes nationwide, including the top three national distributors: Comcast, DirecTV and Time Warner Cable. College Sports TV is available via cable in markets including Los Angeles, Detroit, Houston, Cleveland, South Florida, Milwaukee, Minneapolis/St. Paul, San Diego, Kansas City and Indianapolis. The network is expected to launch soon in Chicago, Baltimore, Philadelphia, San Francisco, Pittsburgh, Dallas, Seattle and Denver. "CSTV, the only national sports network with headquarters in New York City, has created more than 100 jobs at its offices and studios at Manhattan's Chelsea Piers," said Kathryn S. Wylde, President and CEO of the Partnership for New York City, and its affiliate, the New York City Investment Fund, a private fund that invests in New York City entrepreneurial ventures. "We support CSTV's investment in New York City, and we applaud its promotion of amateur athletics at a time when the city seeks to host the 2012 Summer Olympics." The breadth and depth of CSTV's college sports coverage: College Sports TV has televised more than 5,000 hours of original programming since launching last year, covering more than 30 men's and women's college sports College Sports TV programming covers more than 1,000 colleges and universities spanning all conferences and divisions CollegeSports.com and its network of nearly 160 official athletic sites for colleges and athletic conferences and associations generate more than 8 million unique users and 220 million page views each month CollegeSports.com presents live video and audio of more than 4,500 college sports events a year CollegeSports.com's GameTracker feature provides live statistics and scores for more than 13,000 college sports events a year CollegeSports.com's constantly updated scores and headlines are available across a number of wireless platforms College Sports TV programming is available on mobile phones via MobiTV's live streaming television content service The college sports landscape: College sports account for nearly $11 billion in annual revenue, equivalent to the NFL, MLB and NBA combined The total estimated disposable income of college sports fans in 2003 was $4.6 trillion More than 120 million people have graduated from or have attended college 91 million people attend NCAA sports events annually More than 70,000 college sports events are contested each year in Division I alone College Sports Television was co-founded by President and CEO Brian Bedol, Chairman Steve Greenberg and Executive Vice President Chris Bevilacqua. Bedol and Greenberg co-founded Classic Sports Network, which they sold to ESPN. It is now ESPN Classic. Bevilacqua is a former senior executive with Nike Inc., where he headed the company's successful foray into the college market. *This information is not intended as an offer or solicitation for the purpose or sale of any financial instrument. JPMorgan Partners, LLC is a Registered Investment Adviser with Securities and Exchange Commission ("SEC"). Back to Press Releases |
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The historical information presented may reflect the activities of the professionals of CCMP Capital Advisors, LLC (together with its affiliates, CCMP Capital) while they were members of J.P. Morgan Partners, LLC ("JPMP"), a private equity division of JPMorgan Chase & Co. prior to CCMP Capital's commencing operations. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2008 CCMP CAPITAL ADVISORS, LLC. All rights reserved. |
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