ALLCITY Network Raises Series B Led By TEGNA

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.

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

FAQ

What is the latest funding round for ALLCITY Network?

ALLCITY Network has raised a Series B funding round led by TEGNA (NYSE: TGNA), with participation from existing investors Mosaic General Partnership and Bullpen Capital.

How much total funding has ALLCITY Network received?

With the latest Series B round, ALLCITY Network's total funding has surpassed $25 million.

What is the commercial agreement between ALLCITY and TEGNA (TGNA)?

The agreement includes cross-promotional opportunities, content licensing, revenue extension, and distribution via TEGNA's linear channels and streaming apps in key sports markets.

How will ALLCITY Network use the Series B funding?

ALLCITY plans to use the proceeds for market expansion, investment in streaming and FAST operations, and hiring key management positions.