Matthew McConaughey adds The Athletic to business portfolio
Oscar-winning actor contributes to $50M funding round
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Actor Matthew McConaughey added to his growing business portfolio by contributing to a $50 million financing round for subscription sports media platform The Athletic, according to a report Tuesday.
McConaughey, 50, participated in the company’s Series D funding round through Plus Capital, a California-based venture capital firm that links celebrity influencers to startups, Axios reported. The Athletic is valued at roughly $500 million after the latest round.
The Oscar-winning actor invested alongside Silicon Valley billionaire Peter Thiel’s Founders Fund, early-stage venture firm Bedrock Capital and startup accelerator Y Combinator. The Athletic has raised nearly $140 million from outside investors to date.
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A subscription-only site, The Athletic has hired prominent sports journalists around the country to provide exclusive reports behind a paywall. The company plans to use the new funds to build out its overseas operations and expects to become profitable in 2020, according to Axios.
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McConaughey has made several noteworthy investments in recent years. In August 2019, he obtained an ownership stake in FC Austin, a Major League Soccer expansion franchise set to begin play in 2021. The average MLS franchise was worth $313 million as of November, according to Forbes.
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The “Dallas Buyers Club” star also invested in 2017 in Forward, a membership-only medical facility equipped with artificial intelligence and other cutting-edge technology, according to the Hollywood Reporter.
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Aside from his investments and acting career, McConaughey joined the University of Texas’ Moody College of Communications as a professor of practice in 2019. The Texas native is a UT-Austin alum.
A sought-after brand ambassador, McConaughey stars in commercials for Wild Turkey bourbon whiskey and automaker Lincoln.
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