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CBS Sports Scoops Scout Media Out of Bankruptcy

Submitted by jhartgen@abi.org on

CBS Sports Digital said it has signed a definitive deal to acquire the assets of Scout Media, the bankrupt sports-video site that runs team-specific sites for pro and college teams in major sports, the <em>NY Poste</em> reported today. Terms were not disclosed, but CBS previously submitted a $9.5 million stalking-horse bid for the sports-video site. Three creditors had filed suit in November, trying to force the cash-strapped company into bankruptcy. In July, it was hit by high-level turnover in the executive suite and a defection of many of its senior producers. That, in turn, appeared to hurt its traffic numbers for the rest of 2016. A team of Russian investors had appeared in 2015 when earlier backers balked at putting in additional funds. Co-founder James Heckman was forced out in July amid claims of financial impropriety — claims which Heckman denied.