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ATLANTA - PlayOn, a leading fan engagement platform for high school sports, has acquired MaxPreps, a top resource for high school sports information, from CBS Sports, a division of Paramount Global (NASDAQ: PARA, PARAA). The deal aims to enhance the high school sports experience by integrating PlayOn’s ticketing, streaming, and media services with MaxPreps’ extensive data and analysis. Paramount Global, with a market capitalization of $8.3 billion and annual revenue of $29.2 billion, is currently rated as undervalued according to InvestingPro analysis.
The acquisition, announced today, brings MaxPreps into the PlayOn family, which includes GoFan and the NFHS Network. B.J. Pilling, President of PlayOn, stated that the move is in line with their mission to celebrate and support high school athletics by providing technology, ticketing, media, and data services that rival the collegiate sports landscape. For Paramount Global, which maintains a "FAIR" overall financial health score according to InvestingPro, this divestment aligns with ongoing strategic initiatives. Discover more insights about Paramount’s financial health and future prospects in the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
PlayOn’s platform will now offer more visibility for student-athletes and improved coverage for fans, including access to schedules, scores, and statistics. The integration is also expected to deliver deeper insights for coaches, parents, and recruiters.
MaxPreps is recognized as a valuable asset for high school coaches to showcase their teams and assess the competition. The recent addition of VidSwap coaching tools to PlayOn is anticipated to automate more statistics and highlights for MaxPreps, enhancing the platform’s offerings for all users.
Jeff Gerttula, Executive Vice President and CBS Head of Digital, expressed confidence in PlayOn’s ability to foster MaxPreps’ growth and continue serving the high school sports community. David Rudolph, CEO of PlayOn, echoed this sentiment, emphasizing the potential for expanded storytelling, performance tracking, and fan engagement.
The transaction, which does not disclose financial terms, demonstrates PlayOn’s commitment to advancing high school athletics with innovative digital services. MaxPreps employees will join PlayOn as part of the agreement. Inner Circle Sports and LionTree Advisors served as financial advisors to Paramount and PlayOn, respectively, while Nelson Mullins Riley & Scarborough LLP provided legal counsel to PlayOn.
The information in this article is based on a press release statement. Looking ahead, analysts maintain a neutral stance on Paramount Global, with forecasts suggesting a return to profitability this year. InvestingPro offers additional valuable insights through its extensive collection of financial metrics, expert analysis, and exclusive ProTips for investors seeking deeper understanding of companies like Paramount Global.
In other recent news, Paramount Global reported its fourth-quarter 2024 earnings, missing both earnings per share (EPS) and revenue forecasts. The company posted an EPS of $0.11, below the expected $0.20, and reported revenue of $7.98 billion, falling short of the $8.11 billion forecast. Despite these challenges, Paramount+ added 5.6 million subscribers, bringing the total to 77.5 million, and generated $489 million in free cash flow. UBS analyst John Hodulik maintained a Sell rating on Paramount Global, with a price target of $11.00, citing anticipated declines in TV affiliate numbers and challenging EBITDA comparisons. Meanwhile, Benchmark analysts upheld a Buy rating with a $19.00 target, highlighting improvements in the direct-to-consumer segment and the potential impact of an upcoming deal with Skydance. Paramount Global management expects stronger EBITDA growth in the latter half of the year, despite a slight overall decline for the full year. The company is also exploring the possibility of selling non-core assets to improve its financial health.
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