CBS Sports Digital has signed a definitive agreement to acquire college sports and recruiting destination 247Sports.com, deepening a relationship with the Tennessee-based operation that began three years ago with a sales, content and distribution partnership. The deal represents the second major digital company sale for 247Sports.com Founder & CEO Shannon Terry, who also engineered a sale of Rivals.com to Yahoo in ’07. Terry will remain on board leading 247Sports.com and has signed a multiyear agreement with CBS. Financial terms were not disclosed, but industry sources described the deal as “robust.” “This is a perfect next step,” said Terry, who founded 247Sports.com in ’10. “We’ve seen the power and resources CBS brings to the table, and have developed a really strong relationship with them over the past three years. We’ve been engaged and it was a perfect time to get married.” Terry built a thriving operation based in part on subscription-based premium content, and more recently has expanded its pro sports content based around team affinities. The CBS deal comes on the heels of 247Sports.com posting in November its best-ever traffic month with a reach total of 19.5 million unique visitors.
GOING MOBILE: 247Sports.com will now be more deeply integrated into CBS Sports’ various digital and mobile assets, including MaxPreps, and represent a key underpinning of CBS Sports Digital’s team-based content. CBSSports.com Senior VP & GM Jeff Gerttula said, “We’ve obviously seen firsthand the strength and the value of their content and business model, and it’s a great complement to what we do. 247Sports.com really represents the last piece of the puzzle to have a full set of sports products that bring our audience all the way from preps to the pros.” Allen & Co. has represented 247Sports.com during the sale process, which is expected to close in the coming weeks.
