Derek Jeter's Players Tribune sports site to explore sale: Report
The Players’ Tribune, a sports website founded by baseball legend Derek Jeter that publishes first-person perspectives from pro athletes, is exploring a sale, according to news reports.
The content firm has tapped a financial adviser and could be sold within weeks, Bloomberg reported citing unnamed sources familiar with the matter. However, company executives have not made a final decision and could still opt not to sell.
Co-founded by Jeter and business partners in 2014, The Players’ Tribune has raised $58 million from outside investors to date, including $40 million in its most recent financing round in 2017. It’s unclear how much the website could be worth on the open market, or whether an interested bidders have emerged to date.
The Players’ Tribune did not immediately respond to FOX Business’ request for comment.
Like many digital media startups, the company has struggled to build a consistent audience. The website is best known for publishing first-person personal essays from athletes, as well as major career-related announcements such as free agent signings and retirements.
The Players’ Tribune conducted a round of layoffs last January affecting 12 to 15 employees across various departments, according to multiple reports. A month before the layoffs, the company acquired media firm Unscriptd in a bid to bolster its mobile efforts.
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“These decisions are never easy and are not taken lightly,” Levick said in a statement at the time. “The decision was made as part of a shift in our business strategy to better position The Players’ Tribune moving forward — taking into account the acquisition we announced in December.”
At the time of the layoffs, The Players’ Tribune had yet to turn a profit, DigiDay reported.
Aside from his role at The Players’ Tribune, Jeter serves as co-owner and chief executive of the MLB’s Miami Marlins.