ALLCITY Network Raises Series B Led By TEGNA
ALLCITY Network, a multi-platform local sports network operator, has secured Series B funding led by TEGNA (NYSE: TGNA), with participation from existing investors.
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Rhea-AI Summary
ALLCITY Network, a multi-platform local sports network operator, has secured Series B funding led by TEGNA (NYSE: TGNA), with participation from existing investors. This investment pushes ALLCITY's total funding beyond $25 million, bolstering its position in the digital sports industry. The deal includes a commercial agreement for cross-promotion, content licensing, and distribution via TEGNA's channels and apps.
Key highlights:
- ALLCITY and TEGNA's Locked On Podcast Network talents will make guest appearances on each other's shows
- Funding will support market expansion, streaming investments, and key management hires
- Partnership aims to strengthen local sports coverage and community engagement
Positive
- Series B funding secured, led by TEGNA (NYSE: TGNA)
- Total funding surpasses $25 million
- Commercial agreement with TEGNA for cross-promotion, content licensing, and distribution
- Expansion into new markets planned
- Investment in streaming and FAST operations
Negative
- None.
Details
News Market Reaction – TGNA
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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
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SOURCE ALLCITY Network
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