IMG Invests In Bloomberg Sports
In a sort of private-equity realm, IMG has made an investment in the Bloomberg Sports unit that provides analytical tools for teams, broadcasters and fantasy sports players. The amount is estimated to be in the $6 million to $8 million range.
The move could give Bloomberg an opportunity to expand into sports globally beyond its core Major League Baseball product.
This fall, Bloomberg is expected to also ramp up an NFL offering and debut a tool for international pro soccer. IMG has longtime relationships in tennis and golf and could facilitate entrees into sports such as boxing and cricket.
Bloomberg Sports –- aimed at both a professional and consumer market -- is one of a series of products where the company is looking to take its financial analytics capabilities and move into different arenas, such as law and government. Bloomberg will retain a majority ownership with the IMG investment.
IMG operates as a media production and marketing entity, as well as representing individual athletes.
In countries such as Britain, where sports gambling is widespread, the analytics product could be useful to gamblers, especially as opportunities to place bets via mobile devices grows.