Braves owner Liberty Media is adding to its sports portfolio.
Sports media company Overtime announced Tuesday that it has raised $100 million in a new funding round co-led by Liberty Media and joined by other investors. The specific amount of Liberty’s investment wasn’t disclosed.
In addition to owning the Braves since 2007, Colorado-based Liberty Media owns the Formula One auto-racing circuit and major stakes in satellite radio provider Sirius XM and live entertainment company Live Nation, among other holdings.
Overtime, founded in 2016, said it has more than 65 million followers of its content across a network of digital platforms aimed at Gen Z and Millennial fans. The company is known for building sports leagues, Overtime Elite (OTE) in basketball and OT7 in football, for the next generation of athletes.
“We are excited to be joining the Overtime family who in just a few years have made an industry-wide impact across sports and media,” Liberty Media CEO Greg Maffei said in a statement. “... We look forward to supporting their growth and Overtime’s exciting plans for new disruptive sports (properties).”
Overtime CEO and co-founder Dan Porter told Forbes.com that he made his investment pitch to Maffei in the owner’s suite at Truist Park during the Braves’ season opener April 7. Maffei toured OTE’s facility in Atlanta, Porter said.
Liberty Media will attribute its Overtime investment to the company’s Formula One Group, not to its Braves Group.
Joining Liberty as co-leader of the $100 million Series D funding is Morgan Stanley’s Counterpoint Global fund. Other participants include Winslow Capital, Bezos Expeditions (the personal investment company of Amazon founder Jeff Bezos), Blackstone and Sapphire Sport. Overtime has now raised more than $250 million in total funding, the company said.
Overtime plans to use the new funding to grow OTE and OT7 and create other sports leagues, as well as other business initiatives. The company describes its business model as driven by sponsorships, brand relationships, e-commerce, licensing and media rights.
