The National Football League has hired Goldman Sachs as it explores options to sell stakes in its media properties including the NFL cable channel, NFL Digital and NFL RedZone, according to a report.
The league told team owners in a letter Wednesday that the move is aimed at expanding the reach of its TV and digital properties, according to The Wall Street Journal.
The NFL did not immediately return requests for comment.
In its letter to team owners, the league said it is aiming to create “an even more dynamic media asset that extends reach and engagement and creates additional value for the clubs — including through direct-to-consumer opportunities, new and innovative content and formats, and international expansion.”
League and team officials said the move is based on the belief that the league’s TV and digital assets will flourish with bigger media and tech companies rather than remaining standalone properties.
Nonetheless, the NFL said it isn’t looking to sell its media properties outright but instead sell a stake in them and maintain control of them. While there’s no timetable for the process, the league said talks would likely run through the 2021 NFL season.
“As the whole world of communications and digital media changes, we want to find a partner who can further help us maximize the reach and potential the NFL assets represent,” said New England Patriots owner and chair of the league’s media committee Robert Kraft told The Journal.
“We are not selling. We are looking for investment partners,” added Dallas Cowboys owner Jerry Jones, who is also a member of the league’s media committee and chairman of the owned and operated media committee, which includes the NFL Network and the popular RedZone, a commercial-free highlight show.
The Journal reported that NFL Commissioner Roger Goodell circulated a staff memo asserting that the league has “a number of rights and assets to support the future growth of our business,” including live games, tentpole events like the NFL draft and “a myriad of opportunities around legalized sports betting.”
The move to explore new partnerships comes months after the NFL inked a bevy of lucrative TV and streaming rights deals valued at over $100 billion.
Although the league sees the possibilities that a strategic partnership can unlock, Kraft said there’s no pressure to ratchet up a deal.
“We’re only going to do it if it’s the right fit,” he said. “It has to be clear that it’s someone who can manage our resources better than we can.”
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