2080 Media, a US-based digital media company which operates as PlayOn! Sports producing and distributing coverage of high school sports events, has completed a $26m series D round of financing led by Herff Jones, a US-based company which provides school and university recognition and achievement products. The D round includes the participation of existing investors, wealth managers Buckhead Investment Partners, merchant bank Hamilton Ventures, and John Imlay’s private investment firm, Imlay Investments.
Previously, 2080 Media raised $4.3m out a $5m round in December 2012, and raised $2.5m equity financing in 2010. 2080 Media acquired PlayOn! Sports from Turner Sports International Enterprises in December 2008, when it raised an undisclosed series A investment round; pursuant to the terms of the acquisition, Turner became a shareholder in 2080 Media.
The D funding will be used to support new growth initiatives, including a recently announced joint venture with the US National Federation of State High School Associations (NFHS) to create the NFHS Network, an all-digital network which will feature comprehensive coverage of boys and girls high school sports and activities through the Federation’s participating state association members.
The partnership between PlayOn and Herff Jones includes commercial relationships to expand PlayOn’s school broadcast program and to jointly market the companies’ products and services.
Jeff Webb, chief executive officer at Herff Jones, said: “Herff Jones is excited to partner with PlayOn! Sports as they continue to solidify their position as the leader in the high school sports media. Our shared goals of providing services to schools and value to students by preserving high school memories make PlayOn and Herff Jones natural partners.”
David Rudolph, chief executive officer of PlayOn! Sports, who is a former Turner Broadcasting System executive, said: “Working with Herff Jones is a tremendous opportunity for PlayOn! Sports. Partnering with the proven leader in the high school space across their multiple products and services will allow us to rapidly expand and deepen our relationships.”