Resort Sports Network Secures $20 Million in Venture Financing.
PORTLAND, Maine--(BUSINESS WIRE)--July 12, 2000
Investment to expand metropolitan reach of RSN RSN - Real Soon Now .com TV, upgrade digital technology platform, and develop national marketing and brand
Resort Sports Network, Inc., (RSN) creator of the mountain resort-based national broadcast and cable television network and web site www.RSN.com, the leading source for outdoor sports lifestyle information, today announced $20 million in second-round venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends .
"The interest and support of Resort Sports Network by top players in the investment and media communities is proof that the market is rewarding companies with healthy revenue streams, solid growth strategies and strong consumer followings already in place," said Bill Burke, Resort Sports Network president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. .
Led by Advent International Advent International - a long-established and leading global private equity investor Background
Advent was founded in 1984 by Peter Brooke and Clint Harris to focus on international private equity investing. of Boston, Mass., the second-round financing includes an initial investment from Allen & Company of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y., as well as additional funding from PH Ventures, the Boston-based investment office of cable pioneer Amos B. Hostetter Jr. PH Ventures became a strategic partner of RSN in July 1999, with an initial investment of $5 million.
"This round of financing will be used to support our ongoing `omnimedia' mission to inspire and inform people about their outdoor passions while they're at work, at home and at play," said Rory Strunk, Resort Sports Network founder and Chief Vision Officer.
The $20 million will be used in part to expand the reach of RSN.comTV, a web-TV convergence product that merges real-time Internet content with RSN programming for broadcast through cable networks such as CNN CNN
or Cable News Network
Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. Headline News to metropolitan markets nationwide. RSN.comTV currently reaches San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Calif; Denver, Colo.; Boston, Mass.; and Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part ; with more than 10 new metro markets targeted for the next year.
The funding will also be used to further strengthen RSN's digital technology platform, expanding the breadth and depth of product offerings from RSN which target the outdoor lifestyle sports participant. Additionally, the funding will be used to build the RSN brand through a comprehensive marketing and communications plan.
This is the first major RSN announcement since the April, 2000, appointment of Burke as president and CEO. Burke most recently served as president and CEO, News and Information, of Time Warner Digital Media, and president of TBS Superstation su·per·sta·tion
A television or radio station that broadcasts to a nationwide audience by satellite, cable, or both. and Turner South.
Headquartered in Portland, Maine, RSN is a privately held, 14-year young company committed to feeding the passion for lifestyle sports by providing customized information, quality entertainment and tailored e-commerce opportunities through a national-, metro- and resort-based distribution network.
RSN's unique, omnimedia offerings include the RSN cable television network, Nielsen's No. 1 rated daily programming in more than 56 resort areas; RSN.com, a leading outdoor lifestyle website; and RSN.comTV, a convergence of web and television programming appearing daily in major metro markets on CNN Headline News, The Weather Channel, and other cable outlets.
The RSN family also includes partnerships on the grassroots and corporate level with more than 60 resorts; a network of more than 100 RSN Resort Cams(R) capturing live daily content from destination areas across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ; and ownership of Moguls Travel, a full-service travel bureau that interacts through RSN with outdoor-focused consumers.
RSN's national network includes offices in New York, N.Y.; Boulder and Summit County, Colo.; San Francisco and Lake Tahoe, Calif.; and North Conway, N.H.