Sporting News is now part of a joint venture with the British company Perform, Reuters reports. The venerable sports publication went digital-only last year and currently runs its website in partnership with AOL.
“The idea is to create a bigger U.S. presence for Perform, which already distributes sports highlights clips to some U.S. newspapers and other publications,” Peter Kafka writes in AllThingsD.
Advance owns Sporting News through its American City Business Journals unit, which is contributing $4.2 million to the new joint venture, Reuters says. Perform’s kicking in $1.4 million; it “will own 65 percent of the venture and has the right to buy out ACBJ’s 35 percent share for $65 million until 2017,” Reuters says.
Jason McIntyre reported Wednesday night that a number of Sporting News employees had been let go.