Bruin Ends Sale Process for Streaming Company Deltatre

(Bloomberg) -- Bruin Sports Capital is no longer looking to sell its media and technology company Deltatre, according to people with knowledge of the matter.

The process was terminated because of uncertainty due to the coronavirus pandemic, said one of the people, who asked not to be identified discussing a private matter. Bruin Sports plans to focus on growing the company and doesn’t expect to relaunch an auction, the person said

Bruin, which is run by former Nascar and IMG executive George Pyne, acquired the business in 2016 for about $160 million. Deltatre provides the back-end streaming technology for clients in sports and entertainment, making it a beneficiary of the surge in online viewing. Its partners include the National Football League, DAZN, FIFA and Discovery Inc.

Sports have been particularly hard hit by the virus, with live play virtually shut down. Deltatre is based in Italy, one of the countries suffering the worst outbreak.

Media companies from AT&T Inc. to ViacomCBS Inc. have put deals worth more than $5 billion on hold amid the plunge in equity prices caused by the pandemic.

Bloomberg reported in December that Bruin was working with advisers on strategic options for Deltatre, including a possible sale valuing the business at $1 billion or more.

Bruin also was part of a group that sold high-end hospitality business On Location Experiences to Endeavor Group Holdings Inc. Bloomberg News also reported that Deltatre was nearing a deal to be the digital video provider for the 21 regional sports networks recently purchased by Sinclair Broadcast Group Inc.

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