Private equity firm TPG is nearing a deal to acquire Learfield, a major player in college sports media rights and technology, in a transaction valued between $1.8bn and $2bn, according to a report by Sports Business journal citing unnamed sources familiar with the matter.
The acquisition, expected to close in the third quarter of 2026 subject to regulatory approvals, would give TPG majority ownership of the business, while current co-owner Charlesbank will retain a minority stake. Fortress Investment Group is set to exit as part of the transaction.
Learfield has been exploring strategic options for months, including a full sale or capital raise, working with advisers such as Moelis & Co. and Bank of America Securities. TPG was advised by Evercore and The Raine Group.
Company CEO Cole Gahagan and the existing management team are expected to remain in place, with no immediate leadership changes planned. The business also intends to keep its core operating structure intact, retaining assets such as the Collegiate Licensing Company, Paciolan ticketing platform, Sidearm Sports and Amplify.
TPG said it views Learfield as a way to gain exposure to structural growth in college athletics, particularly as universities seek new revenue streams linked to media rights, sponsorship and NIL-related activity.
Learfield works with hundreds of US universities, including major athletic programmes such as Alabama, Michigan, Ohio State, Texas and USC, and plays a central role in managing multimedia rights, ticketing, licensing and digital services.
The company generates roughly $1.2bn in annual revenue and has undergone significant restructuring in recent years, including a 2023 recapitalisation that reduced its debt burden and strengthened its balance sheet.
