FOLLOWING A US$100 MILLION FUNDRAISING ROUND SPONSORED BY F1 OWNER LIBERTY MEDIA, OVERTIME IS FOCUSING ON NEW SPORTS LEAGUES

 

Two sports leagues, basketball and football, have already been formed by a digital sports media company.

The commercial rights holder for Formula One, Liberty Media, and Morgan Stanley's Counterpoint Global Fund have spearheaded a financing round in which the digital sports media firm Overtime has raised an additional US$100 million.

The Formula One Group will be given credit for Liberty Media's participation, and Winslow Capital, Jeff Bezos, Blackstone, and Sapphire Sport were all present in the Series D round of funding.

Overtime's goal is to disrupt traditional sports with cutting-edge new formats and media attention, and the company has now collected more than $250 million in funding to that end.

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OTE won't be the only sports league we do, according to Overtime CEO Dan Porter.

Since its debut in 2016, Overtime has established a community of 65 million Gen Z and millennial sports enthusiasts online and introduced the seven-on-seven American football league OT7 and the basketball league Overtime Elite (OTE). More than 800 million views were generated by OTE and OT7 in their first year, and their material today receives more than two billion monthly views.

According to the business, this most recent round of capital will support content investments, the expansion of OTE and OT7, as well as new business sectors like e-commerce and Web 3.0. Overtime's chief executive and co-founder Dan Porter has been open about the company's aim to diversify into other sports and has hinted that further leagues may be next.

This large investment, which is being co-led by Liberty Media, which has supported Formula One's spectacular rise, is a genuine confirmation of the innovative sports IP that we have developed over the past year, according to Porter. "Both new and old investors see the huge development potential of Overtime Elite and OT7, both of which have grown highly engaged audiences, as well as the potential for future sports leagues," the company said.

Last year, Overtime Elite (OTE) held its inaugural season, providing players between the ages of 16 and 18 with a guaranteed US$100,000 per year and a different path to the NBA than the conventional high school and college route. OT7, which was introduced in collaboration with Cam Newton of the National Football League (NFL), just finished its first season.


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