The Wall Street Journal reports that online sports content provider FloSports has raised $21.2 million in Series B financing with World Wrestling Entertainment and Discovery Communications participating in this new round of financing.
FloSports, based out of Austin, Texas, provides online streaming of niche sports which includes amateur wrestling, grappling and regional MMA events. The $21.2 million adds on to the Series A round which netted the company $8 million.
FloSports is a subscription-based service although there is also free content. If you follow MMA writing, you know that MMA journalists have gravitated to the site including Jeremy Botter who broke the story that Zuffa was looking to sell the UFC.
Payout Perspective:
The deal shows the influence and value of online viewership, content and niche audiences. This round of funding shows that companies like the WWE see value in the over the top platform and subscription-based business models. The new funding will likely help expand the company’s reach in sports, rights fees and technology.
That money could have gone to the roster.