(Bloomberg) -- Digital media company Minute Media is in talks to buy the Players’ Tribune, a website started by former baseball star Derek Jeter, according to people familiar with the matter.
While the companies are in exclusive talks, there is no guarantee the discussions will lead to a deal, said the people, asking not to be named because the matter is private. The potential of the Players’ Tribune in a deal couldn’t be learned.
Representatives for Minute Media and the Players’ Tribune declined to comment.
Minute Media, which owns websites including Mental Floss, said in March that it had purchased the sports publication Big Lead from Gannett Co.
Growth-starved digital media companies have been merging in hopes of sparking a turnaround. Vice Media Inc. agreed to buy online publisher Refinery29 last month.
Last year, the Players’ Tribune bought Unscriptd Ltd., a tech startup with a network of more than 2,500 athletes in Europe, Australia and Asia that creates and publishes short-form videos. The company later went through a round of layoffs, according to Digiday.
Athletes’ Platform
Jeter, who spent two decades playing shortstop for the New York Yankees, co-founded the Players’ Tribune in 2014 as he retired from Major League Baseball. Jeter is currently a part owner and chief executive officer of the Miami Marlins.
The company aims to give athletes a platform to connect with fans that bypasses traditional media. The site has had viral posts including by basketball stars Kobe Bryant and Kevin Durant.
Still, the site has struggled to draw consistent traffic.
The Players’ Tribune raised $40 million in funding in 2017 from investors including IVP, New Enterprise Associates and GV, Alphabet Inc.’s venture capital arm, according to a statement at the time. It has raised about $60 million since its founding.
Minute Media has raised $77 million to date from investors including Battery Ventures, ProSiebenSat.1 Media SE and Goldman Sachs Group Inc., according to a statement.
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