Learfield acquired by private equity firm TPG

Learfield Sports, a major media partner with 143 of Division I programs and/or related events and venues as of 2026, announced overnight on Tuesday they have finalized a deal to be sold to public equity firm TPG.

The deal's valuation is estimated to be around $2 billion, per Sportico. As of publication, Learfield partners with six MAC members, including: Bowling Green, Buffalo, Eastern Michigan, Ohio, UMass and Toledo.

Learfield's investment in their media partners typically include multimedia rights, merchandise ticketing services, and Sidearm Sports integration for official athletic websites and mobile apps– though Learfield has recently ventured into third-party NIL solutions for their partner schools.

“Learfield is reshaping the future of collegiate athletics and live entertainment, uniting fans, brands, athletes, and universities, and growing our partners’ revenues at unprecedented levels,” Learfield President and CEO Cole Gahagan said via press release. “As commercialization trends give rise to new IP-based opportunities, we’re excited to partner with TPG to continue investing in data, media, technology, and the creative solutions that power fan engagement.”

With the sale going through, TPG is set to add Learfield's technology and network connections to further enhance their "TPG Sports" portfolio, which launched in 2025 with initial investments from PGA Tour golfer Rory McIlroy's Symphony Ventures firm.

Under the deal, Learfield is expected to retain ownership of their various technologies and platforms, with TPG investing "additional capital and resources to accelerate growth and innovation across its integrated platform."

TPG is said to roster $303 billion worth of assets under its umbrella, with recent investments from Abu Dhabi-based Lunate totaling $750 million to boost the fledgling sports venture.

Amongst TPG's other listed investments are Creative Artists Agency (CAA), Initial Group, Entertainment Partners, DirecTV, Fandom, Musixmatch, Spotify and Troon Golf.

“We see what’s going on in college and were looking to find a highly diversified way of playing the growth that’s occurring in the industry,” TPG's Peter McGoohan told Sports Business Journal's Ben Portnoy. “Learfield for us is a fantastic way to play that trend.”

This will be Learfield's fourth ownership change in 10 years. The company was previously sold in 2016 to investment firm Atarios before merging with IMG College in 2018, which added talent agency Endeavour and private equity group Silver Lake to the ownership group.

Previous owners Charlesbank Capital, added on in 2023, are expected to remain as a minority partner, with Fortress Investment Group and other investors expected to exit by the third quarter of 2026.