MLB Becomes Equity Partner as Part of Expanded Relationship
WHITE PLAINS, N.Y., Jan. 22, 2025 /PRNewswire/ — Cast Iron Media, a technology-driven sports media company, today announced the completion of a five-year extension of its media rights partnership with Major League Baseball (“MLB”). Additionally, Cast Iron Media has secured strategic investments from Orkila Capital and David Blitzer’s Bolt Ventures as new equity partners, with MLB also joining as an equity partner as part of the expanded relationship. The terms of the transactions are not disclosed.
These developments enable Cast Iron Media to increase its marketable inventory and accelerate innovation through its proprietary ad-tech platform, The Foundry. With an unmatched ability to deliver targeted, high-volume advertising on Connected TV and other OTT platforms, Cast Iron Media continues to unlock value for leagues, rights holders, and advertisers in an era of surging sports streaming viewership.
“This is a transformative leap forward for Cast Iron Media,” said Kent Heyman, CEO of Cast Iron Media. “With the support of MLB, Orkila and Bolt Ventures, we will continue to innovate, empowering our league, team, and rights partners to maximize the value of their sports streaming rights, while delivering even greater value to our media clients. These investments position us to set a new standard in live sports media, benefiting rights holders and advertisers.”
Major League Baseball
Expanding on a successful relationship that began in 2021, this new strategic partnership agreement extends Cast Iron’s media rights to manage local inventory on MLB’s digital platform. In addition, Major League Baseball’s minority equity stake deepens the collaboration between the two organizations and aligns their shared vision for advancing the sports streaming experience for fans and advertisers. During the 2024 season, MLB.TV set a new high of 14.5 billion minutes watched, a jump of +14% over last year’s previous high mark of 12.7 billion minutes watched. The 28 most-watched days in MLB.TV history have occurred in the last two seasons since the implementation of the new rules with 19 of those days taking place in 2024.
“We’ve worked closely with Cast Iron Media for many years as the sports media landscape has evolved to accommodate developments in streaming platforms and access,” said Noah Garden, Deputy Commissioner, Business & Media, MLB. “Cast Iron shares our commitment to delivering exceptional value for advertisers in this dynamic landscape.”
Orkila Capital
Orkila Capital, founded in 2013 by Jesse Du Bey and Taylor Storms, brings decades of experience in media, entertainment, and sports investments. With a portfolio that includes IRONMAN, Club Brugge, and Auto-Tune, Orkila specializes in supporting high-growth companies with strategic expertise and long-term capital.
“Cast Iron Media is setting a new standard for innovation and precision in sports streaming ad placement,” said Jesse Du Bey, Managing Partner of Orkila Capital. “They have demonstrated their unique ability to enhance the value of local live sports for rights holders and advertisers on connected devices. We’re proud to partner with Kent and the Cast Iron Media team to support their vision and help accelerate their growth and impact on the industry.”
Bolt Ventures
Bolt Ventures, the single-family office of David Blitzer, adds another layer of strategic expertise. The firm focuses on scaling innovative companies through active investment and entrepreneurial guidance.
“We are impressed by Cast Iron Media’s forward-thinking approach and commitment to reshaping the live sports streaming experience,” said David Blitzer. “Kent and his team have built an exceptional platform that combines cutting-edge technology with a deep understanding of the sports media landscape. We are thrilled to partner with Cast Iron, Orkila and MLB to support the next phase of the company’s growth and innovation.”
Jefferies LLC acted as the exclusive financial advisor to Cast Iron Media.
About Cast Iron Media
Cast Iron Media is a leading sports streaming and advertising company that specializes in delivering targeted ads with precision through its advanced technology platform, The Foundry. Through established partnerships with major leagues, teams, and Virtual Multichannel Video Programming Distributors (vMVPDs), Cast Iron Media manages expanded commercial inventory across live MLB, NBA, NHL, and NCAA games. The company’s advanced platform delivers targeted ads with unmatched precision to over 5,000 live games annually.
For more information, visit www.castiron.media.
About Major League Baseball
Major League Baseball (MLB) is the most historic professional sports league in the United States and consists of 30 member clubs in the U.S. and Canada, representing the highest level of professional baseball. Led by Commissioner Robert D. Manfred, Jr., MLB has achieved back-to-back attendance gains for the first time in 12 years with an overall increase of +11% and 80% of Clubs welcoming more fans over the last two seasons following extensive rule changes that have improved the quality of play on the field. With the 2024 season featuring the best time of game in 40 years and the most stolen bases in 109 years, MLB viewership increased across all its national media partners, grew international viewership by +18%, set another record for MLB.TV streaming with more than 14 billion minutes watched and earned League of the Year honors from Sports Business Journal and the CLIOS. As the league increased its marketing efforts and promotion of star players like 2024 NL MVP Shohei Ohtani and 2024 AL MVP Aaron Judge, MLB has significantly increased its younger fan base as evidenced through viewership, social media, ticket purchasing, and participation metrics. Through its MLB Together social responsibility efforts, MLB remains committed to making a positive impact in the communities of the U.S., Canada and throughout the world. With the continued success of MLB Network, MLB digital platforms and local media production and distribution, MLB continues to find innovative ways for its fans to enjoy America’s National Pastime and a truly global game. To learn more about MLB, please visit www.mlb.com.
About Orkila Capital
Founded in 2013, by Jesse Du Bey and Taylor Storms, Orkila Capital makes proprietary investments in the Consumer, Media, Sports and Entertainment sectors. Orkila has built deep expertise in the sports media sector globally, with current and recent investments in IRONMAN, Club Brugge, Bellator and numerous other platforms targeting passionate communities. Orkila manages approximately $1B of deployed capital across multiple private equity funds and Special Purpose Vehicles. For more information visit www.orkilacapital.com.
About Bolt Ventures
Bolt Ventures is the single-family office of David Blitzer. Bolt Ventures focuses on providing capital and strategic expertise to emergent and scaled opportunities at the forefront of Sports, Technology, Media, and Entertainment.
Press Inquiries:
Chris Tropeano
chris.tropeano@castiron.media
(718) 986-8156
SOURCE Cast Iron Media