TPG Acquires Learfield, Top Operator of U.S. College Sports IP

Global private equity firm TPG announced it has signed a definitive agreement to acquire Learfield, a commercial operator of U.S. college sports IP, with the transaction expected to close in the third quarter of this year.

Headquartered in Dallas, Learfield is one of the most important third-party vendors in U.S. college sports, partnering with hundreds of NCAA Division I schools, including the University of Alabama, University of Michigan, Ohio State University, University of Oklahoma, University of Oregon, University of Tennessee, University of Texas, Texas Tech University, and the University of Southern California.

In 2024, Learfield's revenue reached $1.2 billion, a record high. However, according to sources familiar with Learfield's financials cited by CNBC, the company's annual EBITDA was slightly below $200 million.

Learfield's business consists of five segments: multimedia rights, licensed merchandise, ticketing platform and services, official sports websites and mobile apps, and ticket and seat business, connecting over 12,000 brands. It has also built a proprietary database containing over 125 million fan records, used for precision marketing, ticket forecasting, and sponsorship matching.

Learfield was founded in 1972 by Clyde Lear and Derry Brownfield, initially as a small farm radio network covering just a few radio stations in Missouri. Clyde Lear holds a master's degree in journalism from the University of Missouri, while Derry Brownfield was a farm operator; both had worked at KLIK radio.

In 1975, Learfield established Learfield Sports, marking its first foray into sports, and secured broadcast rights for University of Missouri football and basketball. In 1981, it bought exclusive broadcast rights from the University of Missouri for $6 million, causing a national sensation at the time.

By the 1990s, many U.S. universities began outsourcing content production and sales, and Learfield shifted its focus from agricultural news to college sports media.

This acquisition will provide Learfield with additional capital and resources to accelerate growth and innovation on its integrated platform. TPG will invest in Learfield through its TPG Capital and TPG Sports arms.

As part of the transaction, among Learfield's existing investors, only private equity firm Charlesbank Capital Partners will retain a minority stake in the company; all other investors will exit.

| Sources: Official press release, Missouri Broadcasters Association, sportsbusinessjournal, CNBC

| Image: Missouri Broadcasters Association