Private equity firm TPG reportedly purchases Learfield for $2B

Perhaps the most high-profile multimedia rights partners in college athletics is being sold. Learfield, a multimedia rights provider for over 100 colleges, conferences, and venues — including prominent schools like Ohio State, Alabama, and Michigan — is being sold to private equity firm TPG for a price between $1.8 billion and $2 billion.

According to a report by Ben Portnoy in Sports Business Journal, the deal is expected to close in the third quarter of 2026, pending normal approvals.

Many sports fans will know Learfield through the IMG College Audio Network, which partners with thousands of radio stations across the country to produce broadcasts for college football and men’s college basketball games in local markets. The company also produces coaches’ shows for the universities it represents.

However, while this is likely the most forward-facing part of Learfield’s business from a fan perspective, this is just a small part of Learfield’s overall operations. Per Sports Business Journal, the company has “five key arms” including multimedia rights, licensed merchandising, its ticketing and platform services, official athletics websites and mobile apps for universities, and its ticket and seat business.

The company has gone through a litany of transactions throughout the years, most recently merging with IMG in 2018, and recapitalizing in 2023 to cut its debt by $500 million and bring on $150 million in new equity.

TPG, the firm purchasing Learfield, has been very active in the sports business of late. Last year, they partnered with Rory McIlroy’s Symphony Ventures to create “TPG Sports” and are also backers of Silver Tribe Media, a digital media company that works with Omaha Productions and prominent sports podcasters.