Resort Sports Network Secures $20 Million in Venture Financing.
PORTLAND, Maine--(BUSINESS WIRE)--July 12, 2000
Investment to expand metropolitan reach of RSN.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.
"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.
Led by Advent International of Boston, Mass., the second-round financing includes an initial investment from Allen & Company of New York, 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 Headline News to metropolitan markets nationwide. RSN.comTV currently reaches San Francisco, Calif; Denver, Colo.; Boston, Mass.; and Portland, Maine; 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 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; 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.