【DrakeStar】2025年上半年全球体育技术市场报告-SPORTS TECH MARKET H12025

.dralkestar,conn

SPORTSTECH

MARKETH12025

NEWYORKILONDONILOSANGELESIPARISIMUNICH

SANFRANCISCOIBERLIN⃞DUBAI

*DrAkesTAR

.dralkestar,conn

*

Note:SometransactionsexecutedbycurrentDrakeStarPartnersemployeeswhileemployedatotherfirms

*APartneratDrakeStarwasaninvestorinthesellingownershipconsortium

.dralkestar,conn

GREGORYBEDROSIAN

MANAGINGPARTNER&CEO

GREGORYBEDROSIAN

MANAGNGPARTNER&CEONEYORK

2025

TheRiseofYouthSportsandOpportunitiesAhead

+12035245652

gregory.bedrosian@

ERICWARD

MANAGNGPARTNERLONDON

PeterFrintzillas

CEO

GregoryBedrosian

CEO

+447740052468

Podcast

MohitPareek

Partner

DrakeStar

eric.ward@

MICHAELMETZGER

MANAGNGPARTNERLOSANGELES

/p>

michael.metzger@

TimMacKinnon

CEO

MOHITPAREEK

PARTNER

LQSANGELES

PatrikOlsson

CEO

Link

JEFFROTH

PARTNER

MOHITPAREEK

PARTNER

/p>

MOHITPAREEK

PARTNER

DEVBAJAJ

mohit.pareek@

CHIEFSTRATEGYOFFICER

EXCLUSIVE

INTERVIEW

EXCLUSIVEINTERVIEW

ANNUALMEDIAANDENTERTAINMENTSUMMT

C-SU1TEEVENTFORSPORTS,MEDIAANDENTERTAINMENTINVESTMENTINDUSTRY

AnnualinvestmentindustryleadershipsummitinNYC

•Preeminent,“must-attend”eventforsports,mediaandentertainmentprofessionals

•200+invitation-onlyC-Suiteattendeescomprisedofleadinggrowthstagefirms,strategicbuyers,VentureCapitalandPrivateEquityfirms

Summit

SELECTATTENDEES

sportico$

tnwspoRTS

A24

shuterstr,ck-

DMGT

置TPG

herterwwnn

simplebetzoomph

mixhale

philo

BACKLIGHTLOVBSspond

DEALIYO

PJplayerdata

g丽eteuate令everfit

FIT⃞MATCH.aiSRStrinet'

PANELISTS

peterFrintzillas

CE

patrikolsson

CEO

TimMackinnon

CEO

GregoryBedrosianDRAKESTAR

CEO

RobFreemanpartner&coHead

AshishDesai

EVP

proskauer》

NBcuniversal

JeffRoth

partner

samHalls

partner

Medhinisrinivasan

principal

RyanMoore

Founder

*DrAkesTAR

4

.dralkestar,conn

5

.dralkestar,conn

*DrAkesTAR

STRONGDEALACTIVITYINSPORTSTECH

skyfuko

/sportsRecruits

⃞stacksports

KKR

rivals

courrsoec

⃞Alumniventures

ENDEAVOR

SILVERLAKE

on目

gemn

业IMGACADEMY

THRIVINGM&AMARKET!

H12025DEALVALUE

Total一$51.9B

$131B

$66B$322B

PrivatePlacements

PublicMarkets

M&A

H12025DEALCOUNT

Total一503

31

233

239

Note:M&Adealsincludeannouncedand/orcloseddeals

H1,25SUMMARY

•With$52Binannouncedand/orcloseddealvalueinH1,sportstechcontinuestobeoneofthemostactivesectorsdrivenbyrobustM&Aactivity,substantialprivatefinancing,andsteadycapitalinflows.

•Withover$32Bindiscloseddealvalueacross233announcedand/orcloseddeals,sportstechremainedahighlyactiveM&Amarket,matchingH2’24levels.WhileH1’25sawcompletionofseveralmajorEndeavor/TKOdeals,217newM&Adealswereannounced,ledbyTSGConsumer’s$1.5BacquisitionofEōSFitnessleadingthecharts.OthernotableannounceddealsincludedRTLGroup’s$613MacquisitionofSkyDeutschlandtocreatealargestreamerofGermancontent,andDisney’scombinationofHulu+LiveTVwithFuboTV,whichresolvedtheVenuSportsantitrustlawsuit.

•The$40Byouthsportsmarketsawsomeconsolidationacrossrecruiting,teammanagement,andmediasegmentsledbyIMGAcademy’sacquisitionofSportsRecruits.OthernotabledealsincludeStackSports/GenstaracquiringPlaymetricsfromBSIP/PSG,PlayOn/KKRacquiringMaxPreps,On3’sacquisitionofRivalsfromYahooandLegaueApps/Accel-KKRpickingupMod11.H1’25continuedtoreflectfurtherconsolidationinthemediaspace,asmajorplatformsareracingtocontrolanddistributepremiumlivesportscontentinanincreasinglycompetitivestreamingenvironment.

•Arecord$6.6Bwasraisedinprivatefinancingsthrough239dealsinH1.Whileover80%ofdealcountwereearly-stage,InfiniteReality(nowNapster)ledthefinancingpackwithits$3Braise,followedbyDAZN’s$1.8BraisefromSURJSportsInvestmentandSirLeonardBlavatniktoaccelerategrowthinsportsmediarightsconsolidation.OthernotabledealsincludeTeamworksreachingUnicornstatusfollowinga$235MraisewhileUnrivaledSportsandRocketYouthsecured$120Mand$100Mrespectively,highlightingstronginvestorinterestinyouthsports.

•Topinvestorsfocusedonearly-to-late-stagefinancingsincludeBoltVentures,AvenueCapitalGroup,andWillVentures,whileseedstageinvestmentactivitywasledbyAlumniVentures,ElysianParkVentures,andCourtsideVC.

•Investorinterestinthesportsecosystemcontinuestorisewithover$3.5BinnewfundsannouncedinH1.CheckettsSports/TheCynosureGrouparetargetingover$1.2Binfundcommitments,whileQualtricsfounderRyanSmithandAcceI’sRyanSweeneyareraisingthe$1BHaloExperiencefund(with$875Malreadysecured).Additionally,MarkCuban’sHarbingerSportsraised$750Mtoinvestinsportsfranchises,TPGhaspartneredwithRoryMcIIroy’sSymphonyVenturestoinvestacrosssportsassets,andArielInvestmentslaunchedanewwoman’ssports-focusedfund.

.dralkestar,conn

*DrAkesTAR

Note:DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthispage

Source:Pitchbook,CapitalIQ,newspublications,pressreleases,DrakeStaranalysis

PrivatePlacements($B)

Mergers&Acquisitions($B)

353

355

344

239

313

233

297

239$6.6B

212

$32.2B

$32.6B

165

154

112

$18.5B

$3.5B

$3.4B

$2.6B

$2.4B

$1.9B

$8.1B

$6.8B

$3.7B

H123

H223

H222

H224

H125

H124

H222H123H223H124H224H125

Note:M&Adealsincludeannouncedand/orcloseddeals

DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthispage

Sources:Pitchbook,CapitalIQ,newspublications,pressreleases,DrakeStaranalysis

.dralkestar,conn

SPORTSTECHKEYHEADLINES

H12025

INVESTOR

TSGONMER

TARGET

•TSGConsumerhasacquiredEōSFitness,aleadingUSoperatorofover175HighValue,LowPricegymsfor$1.5B.Thisdealfollowsthe

B公RRYS

skyfuko

ulTicketdanager

ongoingfitnesssectorconsolidation,includingLGPacquiringCrunch(rumored$1.5B)andPrincetonEquity’sinvestmentinBarry’sBootcamp.

•RTLGrouphasacquiredSkyDeutschlandforupto$613MtocreateoneofthelargeststreamingandbroadcastingplatformofGermancontent

huly

•Disneyhasacquireda70%stakeinFuboTVandmergeditwithHulu+LiveTV,creatingthesecond-largestdigitalpay-TVproviderinNorthAmericawith6.2millionsubscribers

•ValeasCapitalPartnershasacquiredamajoritystakeinTicketmanagerfor$110MtosupporttheirtransactionofOvationsandfuturescaling

⃞stacksports

•GenstarCapitalhasagreedtoacquirePlaymetricsforanundisclosedsumwhichwillbemergedwithStackSportstoformaleadingsoftwaresolutionsproviderforyouthsportsorganizations

业INMGACADEMY

/sportsRecruits

•IMGAcademyhasacquiredSportsRecruits,anonlinecollegesportsrecruitingplatformthatstreamlinesthecollegerecruitmentprocessforstudentathletesandcoachesforanundisclosedsum

•InfiniteReality(NapsterCorp)raised$3BinaprivateequityroundfromSterlingSelect,valuingthecompanyat$12.25B

LenBlavatnik

"reawworxs

•DAZNraised$1BthroughaprivateplacementfromSURJSportsInvestments,thesportsarmofSaudiArabia'sPublicInvestmentFund(PIF),acquiringa10%stakeinthecompany.DAZNalsoraisedanadditional$827MinanangelroundfromSirLeonardBlavatnik

•Teamworksraised$235MinaseriesFroundledbyDragoneerInvestmentGroup,valuingthecompanyatovera$1Bvaluation

•UnrivaledSportsraised$120MthroughaprivateplacementledbyDick’sSportingGoodswithparticipationfromDynastyEquity,aimingtoincreaseexpansionacrossthecountryandincreaseamenitiesacrossallUnrivaledSportsproperties,elevatingexperiencesacrossyouthsports

DanielSillman

MaverickCarter

发UDenooc

•RocketYouthraised$100M+inaprivateplacementledbyMaverickCarterandDanielSillman,alongsideZBSPartners,seekingtosupportnationalexpansion,enhanceoperationalinfrastructure,andempowersmallbusinessesinyouthsports

•UnderdogFantasyraised$70MinaseriesCroundfromSparkCapitalacquiringa6%stake,valuingthecompanyat$1.23B

IPO

•WarnerBros.Discoveryannounceditsplantosplitintotwopubliccompaniesin2026.ThetwocompanieswillbeStreaming&Studios,whichincludesitsinternationalsportsofferinginHBOMax,andGlobalNetworks,whichincludesTNTSportsandBleacherReport

Debt

Debt

Debt

•DraftKings,theonlinefantasyandsportsbettingoperator,successfullyclosedona$600Mcreditfacilitythathadbeenincreasedfrom$500Mbecauseofstrongdemand

SINCLAIR

•FlutterEntertainment,theparentcompanyofsportsbettingserviceFanDuel,raised$2.8BinadebtofferingandwillusedthefundstorepaythefinancingusedforitsacquisitionofSnaitechItalia

•Sinclair,aUSoperatorofTVnetworks,completedaprivateplacementof$1.4Bindebtandenteredanupto$575Mrevolvingcreditfacility

*DrAkesTAR

Note:DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthispage

Sources:Pitchbook,CapitalIQ,newspublications,pressreleases,DrakeStaranalysis

M&AACTIVITY:H12025

STRONGM&ADEALACTIVITYWITH233ANNOUNCED/CLOSEDDEALS

124

124

115

109

110

102

90

$23.4B

Total-233

75

$19.6B

2931

$16.5B

29

$13.0B

52

14

$8.8B

$5.0B

$3.1B

78

$2.0B

Q323Q423Q124Q224Q324Q424Q125Q225

DEALVALUEBYGEO

DEALCOUNTBYGEO

Total-233

Total-$32.2B

57

98

78

$1.4B

$6.5B

CP

$24.3B

uNorthAmericauEuropeuAsiaandOthers

Media&Broadcasting

DataAnalytics

Sponsorship&Venues

FanEngagement/Experience

Wearables&PerformanceEnhancement

DEALVALUEBYSEGMENT

Esports,Fantasy,&Betting

15%12%

14%11%

8%6%

48%

41%

26%

18%

H125

H224

*DrAkesTAR

.dralkestar,conn

Note:M&Adealsincludeannouncedand/orcloseddeals

DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

Source:Pitchbook,CapitalIQ,newspublications,pressreleases,DrakeStaranalysis

SELECTM&ADEALS:H12025

233DEALSAND$32.2BINDISCLOSEDDEALACTIVTY

$1.5B

ACQUISITIONBY

•TSGConsumerhasagreedtoacquireEōSFitness,aleadingUSoperatorofover175HighValue,LowPricegymsfor$1.5B.

•ThisacquisitionwillsupportEōSFitness’expansion

plansintonewandexistingmarkets,tocontinue

providingaffordable,premiumwellnessexperiencestoover1.5millionmembersnationwide.

May2025

$110M

ACQUISITIONBY

•Valeashasagreedtoacquireamajoritystakein

Ticketmanager,thebest-in-classeventticketing

platformthatstreamlinestheguestmanagement

processforover400venuesandteamsworldwide.

•ThedealwillsupportTicketmanager’ssubsequentacquisitionofOvationsaswellasotherstrategic

initiatives.

May2025

uilTicket⃞anager

$613M

ACQUISITIONBY

•RTLGrouphassignedadefiniteagreementtoacquireSkyDeutschland,creatingaleadingstreaming,freeTVandpaidTVproviderintheDACHregion.

•Thedeal,valuedpotentiallyat$613M,expandsRTLGroup’sGermancontentofferingandbooststheir

streaminguserstoaround11.5millionpayingsubscribers.

June2025

sky

⃞stacksports

ACQUISITIONBY

•GenstarCapitalhasagreedtoacquirePlaymetrics,aleadingproviderofyouthsportsmanagementsoftwareforover2700organizations,fromBlueStarInnovationPartners.

•PlaymetricswillbemergedwithStackSportstoformaleadingsportstechnologyplatformthatdelivers

comprehensivesoftwaresolutionsinyouthsports.

June2025

gr

*DrAkesTAR

Note:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

Source:Pitchbook,CapitalIQ,newspublications,pressreleases,DrakeStaranalysis

$220M

ACQUISITIONBY

•Disneyhasacquireda70%stakeinFuboTVand

mergeditwithHulu+LiveTV,creatingthesecond-largestdigitalpay-TVproviderinNorthAmericawith6.2millionsubscribers.

•Thedeal,valuedat$220Mincashanda$145Mloan,

resolvesFubo'santitrustlawsuitoverDisney’sVenu

Sportsventure,whichhassincebeenabandoned.

January2025

ACQUISITIONBY

•IMGAcademyhasacquiredSportsRecruits,anonlinecollegesportsrecruitingplatformthatstreamlinesthecollegerecruitingprocessforstudentathletesand

coaches.

•TheacquisitionstrengthensIMG’sNCSAcollege

recruitingplatformwhichsupplementstheireducationbusinesswitharobustcollegerecruitingoffering.

May2025

huly

fuko

/sportsRecruits

业IMGACADEMY

.dralkestar,conn

TOP1OANNOUNCEDM&ATRANSACTIONS

H12025

COMPANY

COUNTRY

SUBSECTOR

DEALSIZE

EV/REV.EV/EBITDA

ACQUIRER

DATE

ACQUIRERCOUNTRY

$1,500.0

8.2x

May-25

--

Sponsorship&Venues

$900.0

1.4x

12.5x

Feb-25

Wearables&Perf.

Enhancement

SBB

$850.8

3.6x

7.2x

Feb-25

Media&Broadcasting

nettplus

$673.2

Telekomsrbija

Feb-25

--

--

Media&Broadcasting

&SportsKlubAssets

sky

$612.6

Jun-25

--

--

Media&Broadcasting

Wearables&Perf.

Enhancement

$420.0

3.8x

8.4x

Jan-25

Fantasy,Esports&Betting

$223.1

1.5x

--

Mar-25

fuko

Media&Broadcasting

$220.0

--

--

huly

Jan-25

EPLandFACupMediaRights

Media&Broadcasting

$144.4

--

--

Jun-25

FanEngagement/Experience

$110.0

--

--

May-25

*DrAkesTAR

Note:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

Source:Pitchbook,CapitalIQ,DrakeStarResearch

PRIVATEPLACEMENTSACTIVITY:H12025

$6.6BINVESTEDIN239DEALS

DEALVALUEBYSTAGE

DEALCOUNTBYSEGMENT

173

188

165

171

153

160

139

100

Total-239

Total-239

$5.7B

Total-$6.6B

17

3524

$0.9B

21

$0.4B

$1.4B

$1.4B

$1.2B

$1.2B

$0.9B

$0.9B

$0.7B

$5.3B

6826

201

Q323Q423Q124Q224

Q324Q424Q125Q225

27

59

EarlyStage

MidStage

LateStage

FanEngagement/Experience

33%

Wearables&PerformanceEnhancement

6%25%

Esports,Fantasy,&Betting

Sponsorship&Venues

Media&Broadcasting

DataAnalytics

DEALVALUEBYSEGMENT

41%

51%

18%

10%

H125

H224

3%

7%

*DrAkesTAR

Note:DrakeStardidnotactasfinancialadvisorontransactionslistedonthis

Source:Pitchbook,newspublications,pressreleases,DrakeStaranalysis

page

.dralkestar,conn

SELECTPRIVATEPLACEMENTS:H12025

239DEALSAND$6.6BINDISCLOSEDFUNDING

$3.0B

FUNDRAISE

LEDBY

•InfiniteReality(NapsterCorp)raised$3BinaprivateequityroundfromSterlingSelect,valuingthecompanyat$12.25B.

•Thefundingwillaccelerateglobalexpansion,productdevelopment(includingiRStudio),andsupport

strategicacquisitionslikeLandvaultandObsess.

January2025

$120M

FUNDRAISE

LEDBY

•UnrivaledSportsraised$120MinfundingledbyDick’sSportingGoods,alongsideMillerSports+

Entertainment,DynastyEquity,andmore.

•TheinvestmentwillfundUnrivaled’sabilitytoacquire,build,renovate,anddiversifymoreyouthsports

destinationsandprogrammingnationwide.

April2025

$1.8B

FUNDRAISE

LEDBY

•DAZNraised$1BthroughaprivateplacementfromSURJSportsInvestments,thesportsarmofSaudiArabia'sPublicInvestmentFund(PIF),acquiringa10%stakeinthecompany.

•DAZNraised$827MinanangelroundfromSir

LeonardBlavatnik,bringinghistotalinvestmentinthecompanytoover$6.7Bsinceitsinception.

January&February2025

Len

Blavatnik

$100M

FUNDRAISE

LEDBY

•RocketYouthraised$100M+inaprivateplacementledbyMaverickCarterandDanielSillman,alongsideZBSPartners.

•ThefundingseekstosupportRocketYouth’sstrategyinexpandingnationally,enhancingoperational

infrastructure,andcontinuingtoempowersmallbusinessesinyouthsports.

February2025

DanielSillman

MaverickCarter

*DrAkesTAR

Note:DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage

Source:Pitchbook,newspublications,pressreleases,DrakeStaranalysis

•Teamworksraised$235MinaSeriesFroundledbyDragoneerInvestmentGroup,valuingthecompanyata$1B+valuation.

•ThefundingwillacceleratethedevelopmentofAI-

poweredsolutionsbyexpandingitsdatascienceteamtoprovidepowerfulAI-driveninsights,andtoimprovedataunificationwhichwillenhanceplatform

functionality.June2025

•Underdograised$70MthroughaprivateplacementfromSparkCapital,puttingthecompanyatovera

$1B+valuation.

•Thefundingwillbeusedtoinvestintalentacquisitionandproprietarytechnology,whilealsosupporting

Underdog’scontinuedexpansionoffantasysportsproductsacrossnewstates.

March2025

"reawworxs

$70M

FUNDRAISELEDBY

$235M

FUNDRAISELEDBY

.dralkestar,conn

TOP1ODISCLOSEDFUNDINGROUNDS

H12025

COMPANYSUBSECTORCOUNTRYDEALAMOUNTVALUATION(1)SELECTINVESTOR(S)DATE

$3,000

Jan-25

$12,250

FanEngagement/Experience

Len

$1,827

Feb-25

$10,000

Blavatnik

Media&Broadcasting

"reawworxs

$235

$1,250

Jun-25

Wearables&Perf.Enhancement

$120

Apr-25

--

FanEngagement/Experience

$100

Feb-25

DanielSillman

--

MaverickCarter

FanEngagement/Experience

Media&Broadcasting

$100

--

JenniferMackesy

Mar-25

Sponsorship&Venues

$100

--

Apr-25

Wearables&Perf.Enhancement

$83

$230

Mar-25

Media&Broadcasting

$75

$750

Feb-25

Fantasy,Esports&Betting

$70

$1,230

Mar-25

*DrAkesTAR

14

(1)Post-moneyvaluation

(2)Note:Selecteddealsonly.DrakeStardidnotactasfinancialadvisorontransactionslistedonthispage.

Source:Pitchbook,newspublications,pressreleases,DrakeStaranalysis

.dralkestar,conn

SPORTSFOCUSEDFUNDRAISINGH12025

$3.5B+OFNEWCAPITALANNOUNCEDFORNEWFUNDS

SELECTHl2025ANNOUNCEDFUNDS

Cynosure|CheckettsSportsCapitalistargetingfundcommitmentsexceeding$1.2Btoinvestinvarioussportsassetsacrossprofessional/collegiatesportsteams,leagues,venues/facilities,sportstechnology,andmediarights.TheprivateequityfundresultedfromastrategiccollaborationbetweenDaveChecketts,ex-Presidentofnumerousprofessionalsportsteams,andTheCynosureGroup,aprivateinvestmentfundfoundedbytheEcclesfamilywhichhasalongstandingsupportofUtahsports.

DaveChecketts

$1.20B

HaloExperienceCompany,israisinga$1Bfundfocusedontheintersectionbetweensportsandtechnology.Co-foundedbyQualtricsfounderRyanSmithandAccel’sRyanSweeney,thefundaimstoinvestintwodozenstartupswithestablishedproducts.HaloExperiencepositionsitselftodrivegrowthinthedigitalmediaandsportsindustrieswhichRyanSmithcoinedtobethe“ExperienceEconomy.”Thefundhasrapidlyraised$875Mwithinthefirsttwomonthsfollowinglaunch.

$1.00B

HarbingerSportsPartnershasraiseda$750MprivateequityfundtofocusonminoritystakeinvestmentsinsportsfranchisesacrossallUSleagues.ThefundwasfoundedbyMarkCubanwhowastheex-owneroftheDallasMavericks,accompaniedbyRashaunWilliamsandSteveCannon,aminorityownerandtheex-CEOoftheAtlantaFalcons.Thefundislookingtodeploy$50-$150Mchecksinto15differentteams.

$0.75B

TPGlaunchedadedicatedsportsinvestingbusinessalongsideRoryMcIlroy’sSymphonyVentures.ThefundaimstobringaprivateequityapproachtoinvestmentsacrosssportsIPandotheroperatingbusinesses.RoryMcIlroyandhispartnerSeanO’Flahertywillserveasoperatingpartners.TPGhasalotofexperienceinmedia/entertainmentinvesting,havingbackedCAA,Dream11,Fandom,andTroon.

置TPG

SymphonyVentures

collegesportsopportunities,andleaguesthatwillexpandopportunitieswithinwomen’ssports.ProjectLevelhasalreadybeenconfirmedtobealeadinvestorinthenewlyintroducedDenverNSWLexpansionteam.ArielInvestmentshasapasttrackrecordofinvestinginsportsfranchiseslikeMSGSportsandManchesterUnited.

ArielInvestmentsintroduced‘ProjectLevel’,whichisanewportfoliothatwillconsistofsportsteams,

*DrAkesTAR

Source:DrakeStarResearch

Note:Top3announcedfundsby$value

FUND

FUNDAMOUNT($M)

LOCATION

DaveChecketts

$1,200*

$1,000*

$750

SymphonyVentures

-

-

500

250

100*

ChampionVenturePartners

100*

98

75*

68

48

40*

*Targetamountforfund;notnecessarilyraised

.dralkestar,conn

SPORTSTECHLEAGUETABLES

TOP10INVESTORSLTMJUNE2025

ACTIVEEARLYTOLATEINVESTORS

INVESTORDEALSSELECTINVESTMENTSSTAGELOCATION

ACTIVESEEDFOCUSEDINVESTORS

INVESTORDEALSSELECTINVESTMENTSSTAGELOCATION

8

⃞SPORtsvisio

Seedto

Early

6

Seedto

Early

4

Seedto

Early

SHARP⃞ALPHA

4

POOLHOUSE

Seedto

Early

4

⃞pickLEHEADS"PRESSBOX

Seedto

Early

4

Seedto

Early

4

Seedto

Early

3

OUTPUT

Seedto

Early

3

Seedto

Early

3

Seedto

Early

6

Earlyto

Late

4

MENINBLAZERS

Earlyto

Late

4

Earlyto

Late

4

Earlyto

Late

4

Earlyto

Late

3

pcplayerdota

Earlyto

Late

2

LOVB

Earlyto

Late

2

Earlyto

Late

2

EchoGroupHoldings

Earlyto

Late

2

Earlyto

Late

*DrAkesTAR

Note:DrakeStardidnotactasfinancialadvisoronthetransactionslistedonthispage

Source:Pitchbook,CapIQ,DrakeStaranalysis,newspublications,pressreleases

.dralkestar,conn

PUBLICSPORTSTECHSEGMENTSOUTPERFORMINGS&P5OO

40%

20%

0%

-20%

Jan25Feb25Mar25Apr25May25Jun25

SportsFranchises,20.78%

Fantasy/Esports/Betting,20.68%

DigitalMedia/OTT/Content,25.84%

S&P500,5.73%

AthletePerformance/Analytics,13.10%

Pastperformancedoesnotguaranteefutureresults.Thisisnotarecommendationtobuyorsellanyspecificsecurity.

Source:CapitalIQasofJune30,2025.Equallyweighted

(1)RepresentstheStockPriceChangeBetweenJan2,2025-June30,2025

*DrAkesTAR

DigitalMedia/OTT/Content=Roku,TKOGroupHoldings,MadisonSquareGardenSports,FLEntertainment,SphereEntertainment,fuboTV,CatenaMediaSportsFranchises=FormulaOneGroup,ManchesterUnited,JuventusFootballClub,BorussiaDortmund,Celticplc,AtlantaBravesHoldings,AFCAjax

AthletePerformance/Analytics=Garnin,PelotonInteractive,LifeTime,XponentialFitness,Daktronics,CatapultGroup,GeniusSports,SportradarGroup,Technogym,PlanetFitness,TopgolfCallawayBrands,Kopin

Fantasy/Esports/Betting=FlutterEntertainment,DraftKings,CaesersEntertainment,ChurchillDowns,Entain,Light&Wonder,PennEntertainment,Lottomaticagroup,BetterCollective,RushStreetInteractive,Skillz

EV/LTMRevenue

EV/NTMRevenue

4.0x

3.6x

3.6x

3.3x

3.1x

3.0x

3.0x

2.9x

2.7x2.1x

3.5x2.8x

2.6x

2.3x

2.4x

2.1x

June2025

December2024

DigitalMedia/OTT/Content

DigitalMedia/OTT/Content

SportsFranchisesAthletePerformanceEsports/Fantasy/Betting

SportsFranchisesAthletePerformanceEsports/Fantasy/Betting

EV/LTMEBITDA

EV/NTMEBITDA

21.4x

17.2x

17.5x

18.0x

13.3x

13.1x

10.4x

11.2x

13.8x11.7x

8.4x8.8x

8.3x

10.3x

10.2x

8.0x

June2025

December2024

DigitalMedia/OTT/Content

SportsFranchisesAthletePerformanceEsports/Fantasy/Betting

DigitalMedia/OTT/Content

SportsFranchisesAthletePerformanceEsports/Fantasy/Betting

Pastperformancedoesnotguaranteefutureresults.Thisisnotarecommendationtobuyorsellanyspecificsecurity.Source:CapitalIQasofJune30,2025.

DigitalMedia/OTT/Content=Roku,TKOGroupHoldings,MadisonSquareGardenSports,FLEntertainment,SphereEntertainment,fuboTV,CatenaMedia

SportsFranchises=FormulaOneGroup,ManchesterUnited,JuventusFootballClub,BorussiaDortmund,Celticplc,AtlantaBravesHoldings,AFCAjax

AthletePerformance/Analytics=Garnin,PelotonInteractive,LifeTime,XponentialFitness,Daktronics,CatapultGroup,GeniusSports,SportradarGroup,Technogym,PlanetFitness,TopgolfCallawayBrands,KopinFantasy/Esports/Betting=FlutterEntertainment,DraftKings,CaesersEntertainment,ChurchillDowns,Entain,Light&Wonder,PennEntertainment,Lottomaticagroup,BetterCollective,RushStreetInteractive,Skillz

.dralkestar,conn

MARKETOUTLOOK

•Thefirsthalfoftheyearsawthecompletionofsomeofthehighvaluetransformationdealsandacontinuedriseinsmalltomid-sizedstrategicM&Adealsandweexpectthisconsolidationtrendtocontinueandseveraltransformativedealstooccur.

•M&AactivityisanticipatedtocontinuebeingstrongasbothstrategicsandPEbackedplatformsareveryactiveinthemarket.Theconsolidationtrendinthedigitalmediasegmentisexpectedtocontinue,andweanticipateM&Atogrowaroundhighlyfragmentedverticalsintheecosystem

suchasyouthsports,sportingagencies,andsportingvenues/facilities.

•Record$6.6BofprivatefinancingsinH1signalsagrowingappetitefrominvestorstowardsmidtolate-stagefinancings.Whileearly-stagefinancingscontinuetomakeupamajorportionoftotal

deals,wesawgrowthinlaterstagefinancingsandexpectthistrendtocontinueasinvestorscontinuetobackinterestingcompaniesinsegmentsacrossyouthsports,womensports,

emergingleagues,performanceanalytics,sportsbettingetc.

•Withseveralnewfundsbeingannounced(over$3.5B)fortargetedinvestmentsandacquisitionsacrossthesportsecosystem,weexpectthiscapitalpooltofurtherheightenthemarketactivityin2025andbeyond.

•Withsportstechpublicmarketsshowingstrongrecoveryandoutperformingthebroaderindex,

severalIPO-readysportstechcompaniesareexploringIPOsagainandweexpectsomeofthemtolistinthecomingperiod.

•AI,Fanengagementandexperience,performanceanalytics,ticketingandvenuemanagementcontinuetobethehotsegmentsfromM&Aandfinancingsstandpoint.

*DrAkesTAR

PUBLICMARKETVALUATIONS

DIG1TALMEDIA/OTT/CONTENTANDSPORTSFRANCHISES

CompanyName

Ticker

Country

LTM

Price

Mcap

EV

Revenue

LTM

EBITDA

LTM

EV/Revenue

LTMNTM

EV/EBITDA

LTMNTM

Price/Earnings

LTMNTM

RevenueGrowth

LTMNTM

EBITDAGrowth

LTMNTM

EBITDA%

LTM

DigitalMedia/OTT