Blackstone Reports $2.9B in Income in Q4

Investment giant Blackstone posted $2.9 billion in net income in Q4 2021, compared to $1.8 billion for the same period the year prior, bolstered by a series of sports and fitness-related deals. 

Full-year income reached $12.4 billion for the financial year, up from $2.4 billion in FY2020. 

Blackstone has $313.4 billion of assets under management, more than double year-over-year, and has been building its portfolio with fitness-focused and sports properties. 

• Last April, it took part in an $80 million raise for startup basketball league Overtime.
• The firm bought a majority stake in Certified Collectibles Group in June 2021.
• Last October, the firm agreed to buy a majority stake in apparel maker Spanx at a $1.2 billion valuation. 

“What’s really happening is an expansion of who we serve and where we invest the capital,” Blackstone president Jonathan Gray told the Wall Street Journal. 

Sports and Media Expansion

The New York firm is expanding in the sports and media businesses, which are growing in popularity and have garnered the attention of investors who seek additional avenues of profit. 

David Blitzer, who owns a stake in Crystal Palace FC and is the Global Head of Blackstone’s Tactical Opportunities Group, told Blomberg to expect more sports deals from the firm.

Blackstone will seek investment opportunities in sports associated with media rights and accompanying content. Investing in teams could also be on the horizon.