Post by Babyboomer on Nov 13, 2007 11:31:36 GMT -5
The world's largest sports marketing company, IMG, is buying Lexington's Host Communications in a $74.3 million deal that is expected to close Thursday.
Host is best known for its broadcasts of University of Kentucky sports, but it also has marketing agreements with 10 other schools, including Western Kentucky University.
"Folks who are listening to the (UK) broadcasts will hear that it's brought to you by the Big Blue Sports Network and IMG College Sports as opposed to Host Communications. That will be the biggest change," said Tom Stultz, president and CEO of Host and its parent company, Triple Crown Media.
After the sale, Stultz will become senior vice president and marketing director for IMG College Sports. Host's other major business, association management, will operate as IMG Association Management.
Host's headquarters will remain in Lexington where it has about 175 of its 275 total employees.
Lexington-based Triple Crown, a publicly owned company, will "most likely" move its headquarters to the Atlanta area where its only significant remaining assets -- six daily newspapers and a weekly -- are located, said Triple Crown Chairman Robert S. Prather Jr. during a conference call with industry analysts.
The loss of Triple Crown's headquarters is not expected to have a major effect on employment since the same staff now operates both Triple Crown and Host, Stultz said.
Jim Host, the former Kentucky commerce secretary who founded Host Communications in 1972, said the deal was great for the two companies.
IMG acquired Collegiate Licensing Co., or CLC, in the spring, Host noted, and "putting those two (CLC and Host Communications) together makes all kinds of strategic sense from the college point of view."
CLC's CEO, Pat Battle, is now senior corporate vice president at IMG and will be Stultz's boss.
"I'm a great fan of Pat Battle and I think the way the marketplace is going and with collegiate marketing becoming more prevalent, I think it makes a lot of sense to do what they did," Host said.
"On the other hand," he continued, "I'm kind of saddened to see the company (Host Communications) kind of folded in with a mega-company. I hope it doesn't lose its identity or ... it's total focus on college sports marketing."
Host has no ties with his former company, expect that he is a Triple Crown stockholder.
The stock (TCMI: Nasdaq) closed yesterday at $5.04 a share, up 62 cents, or 14.03 percent.
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Host is best known for its broadcasts of University of Kentucky sports, but it also has marketing agreements with 10 other schools, including Western Kentucky University.
"Folks who are listening to the (UK) broadcasts will hear that it's brought to you by the Big Blue Sports Network and IMG College Sports as opposed to Host Communications. That will be the biggest change," said Tom Stultz, president and CEO of Host and its parent company, Triple Crown Media.
After the sale, Stultz will become senior vice president and marketing director for IMG College Sports. Host's other major business, association management, will operate as IMG Association Management.
Host's headquarters will remain in Lexington where it has about 175 of its 275 total employees.
Lexington-based Triple Crown, a publicly owned company, will "most likely" move its headquarters to the Atlanta area where its only significant remaining assets -- six daily newspapers and a weekly -- are located, said Triple Crown Chairman Robert S. Prather Jr. during a conference call with industry analysts.
The loss of Triple Crown's headquarters is not expected to have a major effect on employment since the same staff now operates both Triple Crown and Host, Stultz said.
Jim Host, the former Kentucky commerce secretary who founded Host Communications in 1972, said the deal was great for the two companies.
IMG acquired Collegiate Licensing Co., or CLC, in the spring, Host noted, and "putting those two (CLC and Host Communications) together makes all kinds of strategic sense from the college point of view."
CLC's CEO, Pat Battle, is now senior corporate vice president at IMG and will be Stultz's boss.
"I'm a great fan of Pat Battle and I think the way the marketplace is going and with collegiate marketing becoming more prevalent, I think it makes a lot of sense to do what they did," Host said.
"On the other hand," he continued, "I'm kind of saddened to see the company (Host Communications) kind of folded in with a mega-company. I hope it doesn't lose its identity or ... it's total focus on college sports marketing."
Host has no ties with his former company, expect that he is a Triple Crown stockholder.
The stock (TCMI: Nasdaq) closed yesterday at $5.04 a share, up 62 cents, or 14.03 percent.
Full Story
