PBR broadcasts reach more than half a billion households in 40 nations and territories around the world, and more than 3 million fans attend live events each year.
In April 1992, 20 bull riders broke away from the traditional rodeo circuit, seeking mainstream attention for their sport, and started Professional Bull Riders Inc. (PBR). On April 15, 2007, Spire Capital Partners became the majority shareholder of the PBR, which is headquartered in Colorado Springs, Colo. Now, on April 15, 2015, WME|IMG announced the acquisition of PBR from Spire Capital Partners and other shareholders, further expanding the company’s reach as a live event.
“April 15 has been a good day for us over the years,” said PBR CEO Jim Haworth.
Though Haworth wouldn’t disclose any financial details, the transaction is reportedly worth more than $100 million and will close next month.
“We’ve been a very fast-growing sport,” said Haworth. “We’re 23 years old this year, but I think that with this next stage of our business cycle this just takes us to a whole new level. If you think about the opportunities for growth, I think this sets us on a whole new plateau.”
WME|IMG co-CEOs Ari Emanuel and Patrick Whitesell released a joint statement saying, “We’ve worked closely with the PBR for the last several years and share their passion for expanding the sport of bull riding globally. The resources across WME|IMG make the partnership a perfect match, combining top quality event production and broadcast rights.”
Haworth is excited for the potential exposure this partnership will bring for PBR. Already putting on over 300 events a year in five different countries outside the U.S.—Mexico, Brazil, Canada, Australia and New Zealand—Haworth said they are trying for their first event in China sometime this summer.
“It’s great for us from a strategic standpoint,” said Haworth. “Being a live event business, we go from Madison Square Garden (N.Y.) to AT&T Stadium in Arlington, Texas to Anaheim, Calif. to Seattle, Wash. Having that kind of live event content is great. For sports properties today, that’s what a lot of potential strategic alignments are looking for. It’s how do we take that content and then monetize it, whether it’s into digital media or into TV media. We really are excited about the strategic alignment with WME|IMG.”
Beverly Hills-based WME, which specializes in talent representation, commercial marketing and media production, acquired IMG in 2014, forming WME|IMG and moving the company into the sports world. WME|IMG also owns and operates New York Fashion Week, the Miami Open of tennis and the U.S. Open of Surfing.
The new partnership also means increased sponsorship, which will allow the PBR to increase the amount of prize money it pays out to riders, which totals $140 million to date.
“We’ve got these great athletes, these stars of the PBR, bulls and rider athletes,” said Haworth. “We’re looking forward to the sponsorship and relationships that WME|IMG has, along with that global reach. Today we operate in five different countries, but we’re also looking for new international expansion, and WME|IMG has offices around the world and also has a lot of good connections and synergies out there that would be really good for us for the future. I see it from a star standpoint, I see it from a sponsorship standpoint, I see it from content and digital media and also from international growth.”
For fans of PBR, Haworth said they don’t need to be afraid of any major changes to the regularly scheduled entertainment normally provided by their events, especially at the beginning.
“Our season is pretty well set, our events are set and our television broadcasts are set for 2016,” said Haworth. “I don’t think there will be any noticeable difference to the fans. I’m hoping that in the long term as we look at exposure and how we grow that, they’ll definitely see the involvement of WME|IMG. All those things are exciting to us. On the outset, I don’t think the fans are going to see that much of a difference between what we do today and what will happen here from the start.”
PBR is partnered with CBS and will have 14 national network broadcasts this year, in addition to over 90 hours of televised coverage on the CBS Sports Network.
Even with the acquisition, Haworth stressed the importance of relationships, especially with the venues they play at, and how they remain a vital part of PBR as a live event business.
“We’re a tour that travels around the United States and the world, and our relationships with our venues are very important,” said Haworth. “It’s been fun to watch that growth. That’s what’s going to keep the sport out there from a live event standpoint, so we’re always excited about our relationships with the venues.”
Interviewed for this story: Jim Haworth, (719) 242-2850