Private equity firm acquires college sports multimedia rights giant Learfield

The college sports landscape has changed drastically since the COVID-19 pandemic. In a short window of time, we have seen numerous groundbreaking changes develop. The NCAA can no longer enforce rules, everything is going to court, a settlement brought rev-share to universities, and the transfer portal drastically altered roster-building and decades of high school recruiting strategy. Schools are having to look for creative ways to attract and sign prospects. The money must be there. Some athletic departments are borrowing from their school — and from boosters — to make sure that there is enough cash in the banana stand. Others are asking a lot of their multimedia rights (MMR) partner.

Over the last few months, we’ve seen MMRs get heavily involved in recruiting. Schools are using their partners to sign NIL deals and circumvent the hard rev-share cap. These deals being submitted to College Sports Commission and getting passed so players can be paid. We point this out to share that everything is changing. MMRs are paying a lot of money for the trademarks but their job has ultimately changed. They are taking on a responsibility to help pay the athletes. This is big money business. Some are looking to cash in on this big money business.

Private equity firms have been trying to enter college spots for at least a year — and probably longer — now. The Big Ten flirted with a private equity deal during this past football season before ultimately deciding to turn it down. The Big 12 has done the same. It feels like only a matter of time before private equity makes a big splash. That splash was made on Monday.

Learfield, a major college sports MMR holder, is selling to private equity firm TPG. This sale is expected to go final this week.

Learfield, the major college sports multimedia rights holder, is finalizing a sale to PE firm TPG, industry sources confirmed to @On3. @bportnoy15 first.

Official announcement expected in the morning. The price of sale is roughly $1.8 to $2 billion. TPG will have a controlling…

— Pete Nakos (@PeteNakos) April 14, 2026

“The sale price is roughly $1.8 to $2 billion, sources told On3. TPG will have a controlling stake in Learfield,” On3’s Pete Nakos reports. “The news of the sale does not come as a surprise as Learfield has been engaged in high-level conversations around a potential sale for months.”

What schools are Learfield clients? This includes some big heavy hitters in college athletics. Alabama, Michigan, Ohio State, Oklahoma, Oregon, and Tennessee all have MMR contracts with Learfield. Those athletic departments will now all be dealing with a private equity firm now.

This does not impact Kentucky due to the long-term MMR deal with JMI but it could be a sign of things to come. Schools need more cash to keep doing what they are doing. Leaders in the college sports space have been more willing to listen to what private equity companies have to sell. MMRs play a monstrous role in the funding of college athletics. Now a major player is letting a private equity firm into the party.

Things continue to change in college athletics. Could private equity be here to stay? We’ll find out.