Overtime is a sports media company built on original content distributed through social media channels. The company built its following by showcasing some of the most hyped high school athletes in the country. Recently, Overtime announced that it would launch a pro basketball league for 16-18 year olds as an alternative to playing for free in college.
That announcement captured the attention and wallets of some high profile, deep-pocketed investors according to CNBC.
Overtime generated $80 million in series C funding. Investors include Jeff Bezos, Drake, Klay Thompson, Devin Booker, Trae Young, and Chiney Ogwumike. Global financial firms Blackstone and Morgan Stanley also put money into the company, which says it has already raised $140 million to date.
“Overtime has built an unrivaled brand and global community from scratch in just five years. This fundraise reflects the incredible growth opportunities associated with such a market leading position, including the opportunity to bring Overtime Elite into the world,” Michael Spirito, a partner at investment firm Sapphire Sport Partner, who led the funding round, told CNBC.
Plans are grand for Overtime’s basketball league, which is called Overtime Elite. Players will be paid a minimum of $100,000 per season. Since taking a salary would make players ineligible to play basketball in college, Overtime has also promised $100,000 to any player that does not make basketball their career after leaving the league.
The next question for Overtime Elite is where fans will be able to see the games. It wouldn’t be a surprise to see the NCAA try to limit its current media partners’ involvement with the league, but maybe OTE doesn’t need them. The company already has 50 million followers across its social platforms. That may eliminate the need for a traditional media rights deal for OTE.
