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Effective URL: https://www.wsj.com/articles/overtime-raises-80-million-from-jeff-bezos-drake-nba-stars-and-others-11619087409
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Magazine SECTIONS * Fashion * Art & Design * Travel * Food * Culture * Sports SECTIONS * Beijing 2022 Olympics * MLB * NBA * NFL * Golf * Tennis * Soccer COLUMNS * Jason Gay Search Search https://www.wsj.com/articles/overtime-raises-80-million-from-jeff-bezos-drake-nba-stars-and-others-11619087409 Share * Facebook * Twitter * LinkedIn * Copy Link * WSJ News Exclusive * CMO Today OVERTIME RAISES $80 MILLION FROM JEFF BEZOS, DRAKE, NBA STARS AND OTHERS THE SPORTS MEDIA VENTURE, WHICH FOCUSES ON YOUNGER FANS, IS STARTING ITS OWN HIGH-SCHOOL BASKETBALL LEAGUE The Wall Street Journal Continue reading your article with a WSJ membership. Special Offer Less than US $1/week View Membership Options PHOENIX SUNS STAR DEVIN BOOKER, LEFT, IS AN INVESTOR IN A NEW FUNDING ROUND FOR OVERTIME SPORTS. Photo: Matt York/Associated Press By Sahil Patel Close SAHIL PATEL * Biography * @sizpatel * sahil.patel@wsj.com April 22, 2021 6:30 am ET Print Text Your browser does not support the audio tag. Listen to article Length 5 minutes AD Loading advertisement... 00:00 / 04:46 1x This article is in your queue. Open Queue Overtime Sports Inc., which targets younger fans on digital and social platforms, has raised $80 million in funding to pursue plans including the launch of its own high-school basketball league, the company said. The sports media and entertainment venture also hopes to tap the broader interest in nonfungible tokens and sports betting. Amazon.com Inc. founder Jeff Bezos, the rapper Drake and Reddit Inc. co-founder Alexis Ohanian are among the investors of the Series C round, which was led by Sapphire Sport and Black Capital. Morgan Stanley Counterpoint Global, Pelion Capital, Blackstone Strategic Partners and more than 25 current and former N.B.A. stars, including Devin Booker and Pau Gasol, also contributed. Overtime is now valued at more than $250 million, according to people familiar with the matter. -------------------------------------------------------------------------------- NEWSLETTER SIGN-UP WSJ | CMO TODAY CMO Today delivers the most important news of the day for media and marketing professionals. PREVIEW SUBSCRIBE -------------------------------------------------------------------------------- The company in September plans to introduce its basketball league featuring top male high-school players, called Overtime Elite. The league will also function as a high school for roughly 30 rising juniors and seniors, who will all live in one location and earn a minimum annual salary of $100,000 as they play and take classes toward a high school diploma, according to the company. They will also be able to earn money from their likenesses in marketing deals, and receive professional training in areas such as financial literacy and media training. Joining Overtime Elite will cost students their eligibility to later get a basketball scholarship in the National Collegiate Athletic Association, though they wouldn’t be prevented from going to college. The participants will be guaranteed $100,000 each toward college tuition if they don’t pursue a career in professional basketball, the company said. Overtime has named a commissioner and a head of basketball operations for the league, and plans to hire 80 employees, including about 40 to produce content. “What we are trying to do is build an amazing media property that we feel hundreds of millions of young people will want to watch,” said Zack Weiner, co-founder and president of Overtime. OVERTIME CO-FOUNDERS ZACK WEINER, LEFT, AND DAN PORTER. Photo: Overtime Sports Inc. Founded in 2016 by Dan Porter, a former executive at the talent conglomerate Endeavor Group Holdings Inc., and Mr. Weiner, a former Endeavor employee, Overtime initially gained popularity by distributing high-school basketball highlights on social platforms such as Instagram and YouTube. The company said it has nearly 50 million followers across its social media accounts. Over the past few years, the company has also expanded its offerings and business to include original shows, merchandising and live events. Executives hope Overtime Elite generates new revenue through sponsorship, licensing and merchandising deals as well as media rights. The company also plans to use its new financing to invest in areas such as nonfungible tokens, or NFTs, which have recently caught the attention of the sports industry, and the basketball world in particular. NFTs use blockchain technology to authenticate unique digital assets, including art, music or even basketball highlights. Overtime’s library of highlights and other content, which it expects to boost with the planned league, could help create digital sports cards and tradable assets, Mr. Porter said. RELATED VIDEO NFTs Are Fueling a Boom in Digital Art. Here’s How They Work Skip Ad in 15 You may also like CloseCreated with sketchtool. Up Next CloseCreated with sketchtool. Your browser does not support HTML5 video. PlayCreated with sketchtool. Sound OnCreated with sketchtool. 0:00 / 5:39 Closed Captions InactiveCreated with sketchtool.ShareCreated with sketchtool. 0:00 NFTs Are Fueling a Boom in Digital Art. Here’s How They Work Nonfungible tokens, or NFTs, have exploded onto the digital art scene this past year. Proponents say they are a way to make digital assets scarce, and therefore more valuable. WSJ explains how they work, and why skeptics question whether they’re built to last. Photo Illustration: Jacob Reynolds/WSJ The company said it is also investing in content tied to sports betting at a time when the gambling industry and sports media companies are coming closer together. The Series C funds will go to expand these efforts, as well as the production of programming, including video series and franchises that can drive multiple revenue streams, executives said. About two-thirds of Overtime’s revenue comes from advertising, with the rest coming from e-commerce, which grew during the pandemic as consumers spent more time online and making purchases on digital platforms, Mr. Porter said. Earlier this year, it hired Rich Calacci as its first chief revenue officer, a position he held at both rival sports media company Bleacher Report and ViacomCBS Inc.’s Pluto TV. The company’s revenue doubled in 2020, according to executives, despite the pause in live sports sparked by the coronavirus pandemic. “It [the pandemic] reinforced that sports has a bigger lens than something that has to happen on a court or field in that moment,” Mr. Porter said. “It reinforced for us the power of having and engaging with the community, because the community does not go away.” MORE FROM CMO TODAY * Interpublic Group Forecasts Continued Growth Amid Healthy Ad Market February 10, 2022 * Meta’s Super Bowl Ad Leans on an Animatronic Dog to Promote Metaverse February 10, 2022 * Omnicom Gets Boost From Helping Marketers Reach Consumers Directly February 8, 2022 Write to Sahil Patel at sahil.patel@wsj.com Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Appeared in the April 23, 2021, print edition as 'Sports Startup Overtime Raises $80 Million.' CONTENT FROM OUR SPONSOR Deloitte * INSURERS POISED TO ACCELERATE GROWTH IN 2022 Insurers from around the world remain fairly bullish when it comes to their growth prospects for 2022. At the same time, they face multiple challenges, ranging from the potential impact of COVID-19 variants on overall business recovery to rising costs and climate risks. MORE * DRIVING GROWTH THROUGH AUTHENTIC PURPOSE Many organizations are redefining why they exist beyond profit—pushing them to rethink product and service delivery, customer expectations, employee engagement, and community involvement. CMOs can help their organizations use purpose as a competitive differentiator by defining and activating purpose initiatives that align with customer values. MORE * HOW REMOTE WORK IS INFLUENCING WHAT WE BUY Remote workers tend to show different consumer buying patterns in categories including groceries, clothing, housing, and transportation, according to recent research. With the remote work trend likely to continue, businesses may find strategic opportunities—if they can adapt to customers’ evolving work preferences. MORE More CMO Insights from Deloitte The Wall Street Journal news department was not involved in the creation of this content. Sponsored Offers * Wayfair: Extra 15% off + free shipping at Wayfair * TurboTax: Save up to an additional $20 with TurboTax February 2022 * H&R Block Tax: H&R Block February Sale - Up to 20% off tax software * Target: Up to 60% off - Target Promo Code * Macy's: Macy's coupon - Sign up to get 25% off next order CONTENT FROM OUR SPONSOR Deloitte * INSURERS POISED TO ACCELERATE GROWTH IN 2022 Insurers from around the world remain fairly bullish when it comes to their growth prospects for 2022. At the same time, they face... MORE * DRIVING GROWTH THROUGH AUTHENTIC PURPOSE Many organizations are redefining why they exist beyond profit—pushing them to rethink product and service delivery, customer... MORE * HOW REMOTE WORK IS INFLUENCING WHAT WE BUY Remote workers tend to show different consumer buying patterns in categories including groceries, clothing, housing, and transportation... MORE More CMO Insights from Deloitte The Wall Street Journal news department was not involved in the creation of this content. 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