Learfield Acquisition, Valuation, Funding & Investors
Learfield was acquired by TPG for $2B in April 2026, a 1.7x multiple on $1.2B of revenue.
Learfield revenue at acquisition
$1.2B
Last twelve months · Apr 2026
Learfield revenue multiple at acquisition
1.7x
EV/Revenue · Apr 2026
Learfield EBITDA multiple at acquisition
11.1x
EV/EBITDA · Apr 2026
About Learfield
Learfield is an American college sports media and technology company headquartered in Dallas, Texas. It sells multimedia and sponsorship rights on behalf of universities, conferences and events, and through its divisions provides ticketing software (Paciolan), athletics websites and digital platforms (SIDEARM Sports), trademark licensing (CLC), NIL and brand services (Learfield Amplify), and college sports radio broadcasts. It reports relationships with more than 1,200 collegiate institutions and 15,000 brand partners, and earns revenue from sponsorship and media sales shared with its partner schools, plus software, ticketing and licensing fees. Learfield traces its origins to 1972, when Clyde Lear and Derry Brownfield started a farm radio network on six Missouri stations. The current company was created in 2018 when Learfield Communications merged with Endeavor's IMG College, operating as Learfield IMG College until it took the Learfield name in 2021. In September 2023 it completed a recapitalisation that cut its debt by more than $600 million and brought in $150 million of new equity, leaving Clearlake Capital, Charlesbank Capital Partners and funds managed by Fortress Investment Group as majority owners. Cole Gahagan is president and chief executive.
Founded
1972
HQ
Dallas, TXWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Commission, Services, Subscription
Revenue
$1.1B (Jun 2021)
Valuation
$1.8B (Jun 2021)
Learfield Acquisition
Learfield was acquired by TPG for $2B on 13 April 2026.
The acquisition price implies a 1.7x revenue and 11.1x EBITDA multiple on $1.2B of revenue.
Before the acquisition Learfield had raised $242M across 1 funding round.
TPG signed a definitive agreement in April 2026 to acquire Learfield, the media and technology company that sells sponsorship, media, ticketing and licensing services for US college athletics. The deal was reported by Sportico to be worth roughly $2 billion; TPG did not disclose terms. TPG is investing through TPG Capital, its US and European private equity platform, and TPG Sports, the sports investing business it launched in 2025 with Rory McIlroy and Symphony Ventures. Charlesbank Capital Partners will remain a minority investor, while Learfield's other investors, including funds managed by Fortress Investment Group and the company's earlier backers, exit their stakes. The transaction was expected to close in the third quarter of 2026, subject to customary approvals. Learfield took its current form through the 2018 merger of Atairos-owned Learfield with Endeavor's IMG College, and a 2023 recapitalization cut more than $600 million of debt and made lenders Clearlake Capital, Charlesbank and Fortress its majority owners; Clearlake later exited. TPG said the capital would accelerate growth across Learfield's platform, including sports sponsorships, Paciolan ticketing, SIDEARM Sports websites and apps and CLC licensed merchandise. Learfield links more than 12,000 brands with over 1,200 institutions, including most schools in the ACC, Big Ten, Big 12 and SEC conferences. Sportico reported, citing CNBC, that its annual EBITDA was just under $200 million. TPG had bid for Learfield in 2016 before Atairos won that auction.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 13 Apr 2026 | PE buyout | $2B | 1.7x | 11.1x |
Sources: tpg.com, sportico.com, sportsbusinessjournal.com
Learfield Valuation
Learfield is currently valued at $1.8B, based on its undisclosed-stage round in June 2021. Read the announcement ↗
The $242M round included Silver Lake, Atairos and Endeavor Group Holdings.
Learfield valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2021 | Undisclosed stage | $1.8B | 1.6x |
Learfield Revenue
Learfield's latest recorded revenue is $1.1B, as of its undisclosed-stage round in June 2021. At a $1.8B valuation, that implies a 1.6x revenue multiple.
Learfield revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2021 | $1.1B | $1.8B | 1.6x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Learfield Funding History
Learfield has raised a total of $242M across 1 funding round.
Learfield funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Undisclosed stage | Silver Lake; Atairos; Endeavor Group Holdings | $242M | $1.8B | Learfield IMG College, the US college sports multimedia rights and marketing company, raised $242 million of new equity from its existing investors Endeavor, Silver Lake and Atairos in June 2021. At the same time the company extended the maturity of $183 million of existing loans, which had been due that year, to 2023. Together the measures gave it access to about $425 million of capital to support the business in the near term, after the Covid-19 pandemic had disrupted college sports and the sponsorship, ticketing and events revenue that Learfield sells on behalf of universities. Atairos had acquired Learfield from Providence Equity Partners in 2016, and in 2018 Learfield merged with IMG College, Endeavor's collegiate division, with Atairos and Endeavor retaining majority ownership and Silver Lake holding a minority stake. The company held multimedia and sponsorship rights for more than 200 collegiate institutions and also ran licensing through CLC, ticketing through Paciolan and websites and apps through SIDEARM Sports. The capital injection did not resolve Learfield's debt burden, and in September 2023 the company completed a recapitalization that cut its debt by more than $600 million and handed majority control to lenders Clearlake Capital, Charlesbank Capital Partners and Fortress Investment Group, leaving Atairos, Endeavor and Silver Lake with smaller stakes. |
Who has invested in Learfield?
3 investors have backed Learfield across its funding rounds, including Silver Lake, Endeavor Group Holdings and Atairos.
Learfield Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 1 | Participant | Jun 2021 | |
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Start Free TrialAcquisitions by Learfield
Learfield has acquired 7 companies to date.
Last acquisition by Learfield was on October 5th 2017. Learfield acquired IMG College for undisclosed valuation.
Latest Acquisitions by Learfield
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} IMG College | |||||
| Description | IMG College was the collegiate sports marketing division of IMG Worldwide, owned by WME | IMG (later Endeavor). It held multimedia and sponsorship rights for many US college athletic programmes and sold radio, digital, signage and hospitality sponsorship packages to national and local brands. Through IMG College Licensing it managed trademark licensing for colleges and universities, and it also ran ticket sales, seating and concessions services for athletic departments. The business grew out of the 2007 combination of Host Communications and ISP Sports that IMG built into its college arm. It earned revenue from selling sponsorship and media inventory on behalf of its university partners and from licensing and services fees. In 2018 it merged with Learfield to form Learfield IMG College, later renamed Learfield. | Paciolan is a software provider for ticketing, marketing, and fundraising at sports and entertainment venues. The platform enables customer relationship management, dynamic pricing, and revenue optimization. Headquartered in Irvine, California, Paciolan serves colleges, professional teams, and performing arts centers across North America. Founded in 1980, it has powered automated ticketing for over 40 years with integrated solutions for seat filling and brand enhancement. | Mogo Interactive is a Virginia Beach-headquartered digital marketing agency employing over 50 specialists to deliver campaigns across display ads, video, Facebook, mobile in-app, and search engines. Serving more than 200 brands in the U.S. and Canada, it crafts customized media buys and creative strategies for retail, finance, and healthcare clients seeking measurable online engagement. | GoVision is a Houston-based full-service LED display provider delivering large-scale video solutions for events and venues. The company deploys high-resolution screens for concerts, sports stadiums, corporate events, and outdoor broadcasts using modular LED panels. GoVision manages complete production including custom rigging, content playback, and live streaming integration for clients like the NFL, NBA, and major music festivals. | |
| HQ Country | | | | | |
| HQ City | Winston-Salem | Los Angeles, CA | Madera, CA | Dallas, TX | |
| Deal Date | 5 Oct 2017 | 12 Jun 2017 | 5 Jan 2017 | 5 Jul 2016 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Learfield Competitors
Learfield competitors include listed companies like Amagi Media Labs and Vista Group, and private ones like Cloudinary, Cosm, Verbit and Create Music Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Cloudinary | San Jose, CA | Private | $100M | - | $2B | 20.0x |
| Los Angeles, CA | Private | $54M | - | $2B | 37.0x | |
| New York City, NY | Private | $100M | - | $2B | 20.0x | |
| Los Angeles, CA | Private | - | - | $2.2B | - | |
 India | Publicly listed | $160M | $8M | $1.3B | 6.1x | |
 New Zealand | Publicly listed | $92M | $4M | $366M | 3.7x |
Learfield Public Comps
Learfield is no longer listed, but its public comps include Havas, Zhewen Interactive Group, Guangdong Advertising, 4imprint, Stroeer, Autohome, CHEIL Worldwide, Hunan TV & Broadcast, Amagi Media Labs and Strive.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.3B | $467M | 0.7x | 0.7x | 5.1x | 4.4x | |||
| $1.3B | $33M | 1.6x | - | 61.2x | - | |||
| $3.2B | $43M | 0.6x | - | 47.1x | - | |||
| $1.3B | $152M | 1.1x | 1.1x | 9.9x | 11.1x | |||
| $2.3B | $676M | 1.4x | 1.3x | 4.8x | 4.5x | |||
| $968M | $172M | 0.3x | 0.4x | 1.7x | 3.0x | |||
| $3.4B | $281M | 0.3x | 0.3x | 3.9x | 4.0x | |||
| $651M | $99M | 2.5x | 2.8x | 16.3x | 14.3x | |||
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Common questions about Learfield
| When was Learfield founded? | Learfield was founded in 1972. |
| Where is Learfield headquartered? | Learfield is headquartered in Dallas, TX, United States. |
| Is Learfield publicly listed? | No, Learfield was acquired by TPG in April 2026. |
| Who acquired Learfield? | Learfield was acquired by TPG in April 2026. |
| How much was Learfield acquired for? | Learfield was acquired for $2B in April 2026, a 1.7x revenue multiple. |
| What is Learfield's valuation? | Learfield was last valued at $1.8B in its undisclosed-stage round in June 2021. |
| How much funding has Learfield raised? | Learfield has raised $242M across 1 funding round. |
| What was Learfield's last funding round? | Learfield's last funding round was a $242M undisclosed-stage round in June 2021. |
| Who are Learfield's investors? | Learfield's investors include Silver Lake, Atairos and Endeavor Group Holdings. |
| What is Learfield's revenue? | Learfield's latest recorded revenue is $1.1B (June 2021). |
| What is Learfield's revenue multiple? | Learfield's latest valuation implies a 1.6x revenue multiple ($1.8B valuation on $1.1B of revenue). |
| Which companies are comparable to Learfield? | Companies comparable to Learfield include Cloudinary, Cosm, Verbit, Create Music Group, Amagi Media Labs and Vista Group. |
| How many companies has Learfield acquired? | Learfield has acquired 7 companies, including IMG College, Paciolan, Mogo Interactive, GoVision and SME. |
See companies similar to Learfield
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