Key Takeaways:
(Bloomberg) -- Thrive Capital is taking a minority stake in the San Francisco Giants, a significant move by the venture firm known for its tech investments into the world of major league sports, signaling a bet on the long-term value of cultural franchises. The deal, subject to approval by Major League Baseball, is the first from the firm’s new Thrive Eternal vehicle.
"Our first partnership is expected to be with the San Francisco Giants - an institution built on more than a century of shared identity and community," Joshua Kushner, Thrive's founder, said in a social media post. "We feel privileged by the opportunity to be long-term partners to the Giants.”
The investment values the San Francisco Giants at approximately $4 billion, making them one of the most valuable teams in Major League Baseball, according to a Forbes estimate. While financial terms were not disclosed, the stake is described as non-controlling. Thrive Capital, which has backed tech giants like OpenAI and Instagram, is diversifying its portfolio with this foray into North American sports.
This acquisition marks a strategic pivot for Thrive, which is now targeting assets that cannot be replicated by artificial intelligence. The firm's new permanent capital vehicle, Thrive Eternal, will hold investments for longer than a traditional VC fund. Former Disney CEO Bob Iger, who recently rejoined Thrive as an advisor, will be involved in this new effort, lending his expertise from the world of entertainment and media.
This article is for informational purposes only and does not constitute investment advice.
