Text of GeekWire story published 10/15/2019:
Maven, the Seattle-based media company that purchased Sports Illustrated earlier this year, has raised $20 million and revealed more of its strategy for the iconic sports publication, as well as plans to enter political news ahead of next year’s presidential election.
Public filings reveal the new financing, which Maven confirmed to GeekWire. Investors on the filing include members of Maven’s board:
- Maven CEO James Heckman
- Maven President Josh Jacobs
- Maven Chairman John Fichthorn, head of alternative investments for B. Riley Capital Management
- David Bailey, co-founder of Po.et and chairman of the Po.et Foundation
- Peter Mills, former CEO of Cimbal Inc.
- Rinku Sen, former executive director of Race Forward and publisher of Colorlines.com
- Todd Sims, senior vice president of digital strategy of Anschutz Entertainment Group
Maven, which is publicly-traded, also a presentation for investors that details how the company aims to make money in online media. The basic pitch is to purchase flagship brands such as Sports Illustrated, create a network of independent channels under that brand, and use contributors to fill those channels with articles and videos.
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