DETROIT—Crain Communications Inc., parent company of Rubber News, has acquired a minority stake in Front Office Sports, a New York-based media brand focused on sports business.
"We couldn't be more excited about our investment in Front Office Sports," said KC Crain, president and CEO of Crain Communications. "We love the space they expertly cover, and their team is great to work with — we know there's a lot we can learn from each other. As Crain continues to build new businesses around data and digital audiences, FOS is a perfect fit."
As part of the agreement KC Crain will join the Front Office Sports Board of Directors. Terms of the transaction weren't released, but Crain Communications said in a news release that the "investment is a minority stake, which values the startup at $25 million."
Front Office Sports reaches consumers with sports business news through an array of digital channels and both paid and complementary offerings, which include newsletters and social media as well as interactive courses.
"The business of sports is not a trade," said Adam White, CEO and founder of Front Office Sports. "The business of sports is culture, finance, consumer marketing, entertainment and now Web3. Our company was founded out of deep conviction that this industry had to be covered differently."
Detroit-based Crain Communications is a privately held media company with 21 publication brands focused on news, research and data products, digital platforms, custom publishing and events. In addition to Rubber News, Crain brands include Plastics News, Tire Business, Automotive News, Ad Age and Modern Healthcare. The company employs more than 650 at nine locations globally.