Business
OnSport, a Raleigh-Based Sports Marketing Firm, Is Sold in Reported $25M Deal
L.A.-based Wasserman Media Group President buys company in which he was already a partner.
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RALEIGH, N.C. — OnSport, a 10-year-old sports marketing firm based in Raleigh, has been sold to Wasserman Media Group in a deal worth a reported $25 million.
Wasserman Media Group is based in Los Angeles. Its president, Casey Wasserman, had been a partner in OnSport inn 2001 and 2002, according to SportsBusiness Journal..
The newspaper, which first reported the deal, said it could be worth as much as $25 million.
Gary Stevenson, founder and chief executive officer of OnSport, toldthe newspaper he plans to stay with the company. OnSport, which has some 40 employees, will be folded into Wasserman media Group and the OnSport name will disappear, the paper added.
OnSport provides sports marketing and naming rights services.
"Gary is indisputably one of the most important strategists and leaders in sports and marketing,” Wasserman said in a statement. “The ability for us to leverage the collective expertise of the OnSport executive group across WMG provides us both with significant opportunities on a global basis," said Wasserman.
Stevenson has worked with NBA Properties, the Golf Channel and the PGA Tour. OnSport clients have included American Express, Wachovia, Nationwide and the Pac-10 conference.
"It's great to be partnering with a team that takes a commitment to exceeding client expectations as seriously as we do,” Stevenson said. “I have known Casey for many years and have watched him build an organization that is widely recognized as the best at what they do. Our entire team at OnSport is excited about the chance to align our core competencies to create a unique service offering to the sports, media and entertainment community.”
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