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Online sports broadcaster and facilitator Perform Group may not have a high profile, but that’s about to change. It has set a share price of 260p in its upcoming IPO, giving it a hefty £586 ($955.58) million market cap (announcement).
That’s one of the most significant floatation events for some time. And Perform is only selling 25 percent of its equity.
Perform wants to raise £67.5 ($110.06) million on the London market. It already owns a range of rights and online broadcast contrast for a range of sporting bodies. But Perform is currently mainly a B2B operator, selling its video to a range of destination media partners. Now it also aims to seize the coming connected TV opportunity to build out a direct-to-consumer business.
Perform is currently owned by industrialist Len Blavatnik’s Access Industries (58 percent) and by management and employees (40 percent). Post-IPO, management and Access Industries will remain aboard, with reduced but “significant” shareholdings.
Perform was formed from the 2007 merger of Premium TV, which held online broadcast contracts with sporting bodies and clubs including England’s Football League clubs and Cricket Australia, with Inform Group, a distributor. Today, it’s one of the most promising online broadcasters you’ve never heard of, holding a large range of online sports rights and contracts with many bodies and teams, like Tennistv.com and Chelsea TV Online.
Until now, Perform’s main-line model has been servicing clubs and media partners, with its main products including the ePlayer video highlights box and Omnisport sports video bulletin. But it recently launched the subscription Livesport.tv direct at consumers and intends to build a consumer-facing business. Rights include Italian Serie A, Eredivisie, French Ligue 1 and MLS – ATP World Tour, WTA Tour, NBA, FIBA, MLB, NHL and PSA squash.
It recently bought soccer site Goal.com, whose management will lead Perform’s consumer division.