• Loading stock data...
Thursday, December 12, 2024
The 2024 Best Employers in Sports Award winners have been announced! See the full list of winners
exclusive
Media

Overtime Makes Cuts To Workforce Due to Coronavirus

  • Thirty employees were laid off last week, CEO Dan Porter says.
  • Overtime was said to be in the market for an additional $40 million in funding.
Photo Credit: Overtime

This story has been updated to clarify the percentage of employees affected and to add comment from Overtime CEO Dan Porter.

Overtime, the digital sports network catering primarily to high school athletes, is the latest company to be forced to cut staff due to the ongoing coronavirus pandemic. 

The company let go of 30 staff members last week – equaling about 23% of its previous 131 headcount, CEO Dan Porter confirmed to Front Office Sports.

According to Porter, the layoffs at New York City-based Overtime were the result of “strategic moves in light of the macro environmental change,” citing that no live sports are being played and that it was not the right time for projects the company wanted to launch.

However, industry sources told Front Office Sports that the company was in “survival mode,” and that it had reversed course on planned hires due to concerns around future funding.

Porter denied that these recent layoffs had anything to do with the company’s funding.

“We have been careful about our growth and spending and still have cash in the bank from our last raise,” Porter said. “Overtime will be around for a long time, and we’ve taken proactive steps to ensure that.”

Overtime has raised $35.3 million since its launch in 2016, including a $23 million Series B round led by investment firm Spark Capital in February 2019. 

Overtime was said to be in the market for an additional $40 million in funding to attract more Gen Z consumers to its platform, The Wall Street Journal reported in December. 

Overtime has recently expanded content beyond high school sports and into esports, with its new Overtime Gaming vertical centered around Fortnite and NBA 2K. The company also completed the acquisition of Fortnite esports team Evade in February.

Despite the fact that the sports world has been paused, Porter said March has been “its best month ever” and its watch time is up 58%. Overtime also launched a “whosnxt” campaign for sidelined athletes which has 10 million views on its social media channels. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

exclusive

Netflix Adds RG3, Kay Adams, Mina Kimes, Manti Te’o to Christmas NFL..

The streaming giant’s lineup for the Chrismas doubleheader is taking shape.
Randy Moss

Randy Moss Taking ‘Extended’ ESPN Leave With Health Issue

Moss had discussed it on Dec. 1 before stepping away.
exclusive

Talor Gooch Using LIV Golf Fortune to Start Building Sports Empire

The golfer has made more than $43 million individually from LIV.
Bluesky and Twitter

Why Bluesky Is Not a Serious Threat to Sports Twitter

Bluesky recently hit 23 million total users. That doesn’t touch X/Twitter.

Featured Today

Nov 2, 2024; Denver, Colorado, USA; Detailed view of a Wilson NBA basketball held by a referee during the second half between the Utah Jazz against the Denver Nuggets at Ball Arena

‘Obvious Weak Point’: Refs Remain an NBA Gambling Concern

A season after Jontay Porter, the biggest risk may not be players.
Nov 2, 2024; Ann Arbor, Michigan, USA; Michigan Wolverines cheerleader runs with a flag before the game against the Oregon Ducks at Michigan Stadium.
opinion
December 7, 2024

College Football’s Billionaire Backer Era Begins

Is this the new normal in CFB recruiting?
LA Galaxy forward Dejan Joveljic (9) celebrates with midfielder Riqui Puig (10) after scoring a goal against Seattle Sounders FC in the second half in the 2024 MLS Cup Western Conference Final match at Dignity Health Sports Park
December 6, 2024

With or Without Messi, Major League Soccer Is Barreling Into the Future

After the Cup final, the league looks to accelerate its growth.
Dec 18, 2022; Lusail, Qatar; FIFA president Gianni Infantino claps during the awards ceremony after the 2022 World Cup final between Argentina and France at Lusail Stadium.
December 2, 2024

FIFA Wants More Matches. Resistance Is Growing Inside the Global Soccer World

Resentment and frustration over expanded schedules is nearing a breaking point.

NFL Scheduling Gambit Pays Off With Two Blockbuster Sunday Games

The Week 15 schedule has a game pairing seen only once since 1970.
December 11, 2024

F1’s TV Ratings Similar to 2023, but Still Below the Record Highs..

The F1 season averaged 1.1 million viewers in the U.S.
December 11, 2024

Pat McAfee’s Kicking Contest Saw $650,000 Awarded—and $5 Million Missed

The weekly contest on ESPN’s “College GameDay” paid out $650,000.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
December 11, 2024

WBD Secures Comcast Deal, Readies for Future Without NBA Rights

The TNT Sports parent company continues to remake itself in dramatic fashion.
December 11, 2024

Georgia-Texas SEC Showdown Tops Conference Title Game TV Ratings

Georgia-Texas drew 16.6 million viewers on ABC.
Sep 13, 2024; Bolingbrook, Illinois, USA; (Editors Notes: Caption Correction) Bryson DeChambeau of the Crushers GC and Brooks Koepka of the Smash GC shake hands after the first round of the LIV Golf Chicago tournament at Bolingbrook Golf Club.
December 10, 2024

DeChambeau, Koepka Hope Showdown Helps Unite LIV–PGA Tour

The golfers will compete against Rory McIlroy and Scottie Scheffler.
Nov 15, 2024; Arlington, Texas, UNITED STATES; Mike Tyson (black gloves) fights Jake Paul (silver gloves) at AT&T Stadium.
December 10, 2024

Netflix Spectacle Made Tyson, Paul Top Trending U.S. Athletes of 2024: Google

The Yankees and Dodgers were among the top trending sports team searches in 2024.