Matthew McConaughey adds The Athletic to business portfolio
Oscar-winning actor contributes to $50M funding round
Actor Matthew McConaughey added to his growing business portfolio by contributing to a $50 million financing round for subscription sports media platform The Athletic, according to a report Tuesday.
McConaughey, 50, participated in the company’s Series D funding round through Plus Capital, a California-based venture capital firm that links celebrity influencers to startups, Axios reported. The Athletic is valued at roughly $500 million after the latest round.
The Oscar-winning actor invested alongside Silicon Valley billionaire Peter Thiel’s Founders Fund, early-stage venture firm Bedrock Capital and startup accelerator Y Combinator. The Athletic has raised nearly $140 million from outside investors to date.
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A subscription-only site, The Athletic has hired prominent sports journalists around the country to provide exclusive reports behind a paywall. The company plans to use the new funds to build out its overseas operations and expects to become profitable in 2020, according to Axios.
McConaughey has made several noteworthy investments in recent years. In August 2019, he obtained an ownership stake in FC Austin, a Major League Soccer expansion franchise set to begin play in 2021. The average MLS franchise was worth $313 million as of November, according to Forbes.
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The “Dallas Buyers Club” star also invested in 2017 in Forward, a membership-only medical facility equipped with artificial intelligence and other cutting-edge technology, according to the Hollywood Reporter.
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Aside from his investments and acting career, McConaughey joined the University of Texas’ Moody College of Communications as a professor of practice in 2019. The Texas native is a UT-Austin alum.
A sought-after brand ambassador, McConaughey stars in commercials for Wild Turkey bourbon whiskey and automaker Lincoln.