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Liberty Corporate Finance is delighted to announce they have advised the management team of Two Circles on two transformative acquisitions of KORE, a leading North American fan and partnership intelligence platform, and Spring Media Group, a prominent media rights, live production, and streaming services provider.

Acquisition of KORE
Two Circles, a data-driven sports and entertainment business, has acquired KORE, a market-leading intelligence platform that provides insights into fan engagement and partnership optimization. This strategic acquisition enhances Two Circles’ proprietary technologies and strengthens its data-driven approach to growing the value of sports and entertainment for fans and rightsholders.

With the addition of KORE, Two Circles will serve over 700 organizations globally, including high-profile clients such as NASCAR, The Madison Square Garden Company, and 118 of the 154 professional U.S. teams across the "big 5" men’s leagues. This acquisition expands Two Circles' portfolio, offering new opportunities to grow audiences and revenue in the digital era of sports and entertainment.

Expansion into Media Rights and Live Production with Spring Media
In addition to the KORE acquisition, Two Circles has agreed to acquire Spring Media Group, expanding its capabilities into media rights, live production, and streaming. Spring Media’s expertise in full-cycle media rights management, production, and streaming complements Two Circles’ existing services, providing even more ways for clients to engage fans and drive revenue.

Spring Media has demonstrated impressive growth, more than doubling in size over the last three years, thanks to its innovative approach that fuses media rights sales, production, and streaming to maximize the underlying value of rights. Coupled with Two Circles’ expertise in audience growth, data management, and direct-to-consumer monetization, the combined business will offer unparalleled solutions for rights holders of all sizes. 

The acquisition also strengthens Two Circles' presence in Europe, particularly in the DACH region, following the opening of its Cologne office in September 2024. The acquisition increases Two Circles' client base to over 950 organizations globally and positions the company to deliver cutting-edge services at scale.

Supporting the Evolving Fan Experience
Two Circles’ recent proprietary research underscores the need for innovative, data-driven fan engagement strategies. As Gen Z now consumes 23% more hours of sports per week than Baby Boomers, and with much of that consumption occurring outside traditional broadcast channels, new ways to engage fans—such as streaming—are critical. The integration of Spring Media’s live production and streaming capabilities will provide Two Circles with a market-leading remote production platform and relationships with over 500 broadcasters globally, enabling it to support rights holders in managing fan relationships at an unprecedented scale.

A Strong Foundation for Continued Growth
These acquisitions come on the heels of Two Circles’ acquisition by Charterhouse Capital Partners in early 2024, which provided the foundation for the company’s accelerated growth. In March, Two Circles also acquired content production agency Let It Fly Media, further broadening its service offerings in North America and, alongside the KORE acquisition, demonstrates its commitment to the North American region where Two Circles has doubled revenues and tripled its employee base over the last year, while securing major clients such as the NFL, PGA of America, and the Kentucky Derby.
Together, these acquisitions mark an exciting new phase for Two Circles, as it continues to expand its global reach and deliver cutting-edge solutions to the sports and entertainment industry.