TCG Buys Stake in Goalhanger // Signals Market Shift in Podcast M&A Strategy

By Chris Erwin

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Let’s break it down…

–TARGET: Goalhanger–

Overview

• UK’s largest independent podcast producer, specializing in personality-driven and conversational series

• Known for its "The Rest Is..." franchise, which pairs high-authority hosts with deep-dive conversational formats

• Operates a diversified media model including long-form audio, digital video, live events, and a membership program

• Founded in 2014 by Tony Pastor and Jack Davenport

• HQ in London, UK 

• 80 stated employees

Company Highlights

• ~$50M in 2025 Revenue

• 80% YoY 2025 Revenue Growth

• 750M+ full-episode views and streams in 2025

• 400M+ downloads in 2024 

• 250,000+ paying members across its "Club" subscription offerings

• 4 of the top 10 podcasts in the UK (including #1 and #2 spots)

• 10+ shows consistently appearing in global top-50 rankings

• Strategic rights and league partnerships: includes a landmark three-year deal with LALIGA EA Sports to feature weekly match clips, and a global archive deal with the Premier League covering every season since 1992

  Expanding streaming distribution via a multimillion-pound deal with Netflix for a daily 2026 World Cup show, and integrated video content partnerships with DAZN for the FIFA Club World Cup

Founding Story

• Founded in 2014 as Goalhanger Films, originally focused on high-end sports documentaries like Mo Salah: A Football Fairytale

• In 2018 refocused toward podcasting, launching We Have Ways of Making You Talk with Al Murray and James Holland

• Scaled from a documentary house to top podcast network between 2020 and 2022, reaching ~$50M in 2025 revenue and 70M+ monthly views

• Expanded the "The Rest Is..." ecosystem into high-growth verticals including Politics (2022), Football (2023), and Entertainment (2023), while launching specialized shows like The Rest Is Science (2025) and The Book Club (2026)

• Transitioned from a production-for-hire shop to an Owned & Operated IP powerhouse by prioritizing direct audience monetization and talent equity

• Recently pivoted to a video-first strategy, driving massive growth on YouTube and CTVs

Content Channels

• Global podcast distribution across Apple Podcasts, Spotify, and Amazon Music

• Social and streaming distribution via TikTok and Instagram for short-form clips alongside full-episode streaming on Netflix, DAZN, and LaLiga

• YouTube Shorts enabled "shop window" strategy to drive long-form discovery

Business Lines

• Direct-to-Consumer Memberships... 

• Providing ad-free feeds, early access, and bonus content through a paid subscription model; including The Rest Is History Club and The Rest Is Politics Plus

• Priced at £6 per month or £60 per year, with premium tiers like the "Athelstan" level priced at £25 per month

• Live Events & Merchandising... 

• Producing large-scale ticketed live shows and branded apparel like The Rest Is Fest (tickets priced at £47) and premium Royal Albert Hall hospitality packages (priced up to £235 per person)

• Branded Content & Partnerships... 

• Partnering with global brands to create special podcast series and ad campaigns including a multi-episode history of Walt Disney featuring CEO Bob Iger and a Beatles Anthology special with Conan O’Brien, both timed to major Disney+ launches

Capital Markets History

• Jan 2026: Received a minority investment from The Chernin Group, a private investment firm focused on media, entertainment, and consumer-facing digital businesses

–INVESTOR: The Chernin Group–

Overview

• Private investment firm focused on media, entertainment, and consumer-facing digital businesses

• Originally structured as a holdco acquiring and operating D2C media and tech brands before transitioning to growth equity.

• Track record of building and monetizing premium storytelling IP across multiple formats, including TV, film, and streaming

• Portfolio includes creator- and content-led companies such as Barstool Sports, Hello Sunshine, Crunchyroll, and Audiochuck, many of which have expanded beyond their original distribution formats

• Known for backing talent-driven platforms with strong audiences and clear pathways to scale IP across formats and geographies

• Founder Peter Chernin also owns North Road, a production company that’s in talks to sell to Mediawan

• Founded in 2010 by Peter Chernin and Jesse Jacobs

• 198 associated members via Linkedin

• HQ’d in LA

Founding Story

• Founded in 2010 by Peter Chernin following his tenure as President and COO of News Corporation, where he oversaw global film, television, and publishing assets

• Launched as an independent investment platform focused on backing premium media, entertainment, and consumer-facing companies with durable IP and strong audiences

• In 2015 raised $500M+ from institutional investors to scale investments across media, content, and digital platforms

• Over time, expanded its capital base and operating footprint through additional fundraises and platform builds

Investment Strategy / Criteria

• Invests in media, sports, and consumer-facing digital businesses with strong audience engagement and scalable IP

• Targets founder-led, talent-driven platforms across digital video, podcasts, newsletters, and social distribution

• Prioritizes businesses with adaptable IP that can extend beyond their initial format into new distribution channels and monetization streams

• Typically invests growth equity capital, taking minority or majority stakes in scaled but still expanding businesses ($10M+ EBITDA)

• Provides long-term capital and strategic support to help companies expand geographically, diversify revenue, and scale monetization

Capital Markets History

• Jan 2026: Minority investment in Goalhanger, a UK-based podcast network behind The Rest Is History and other top-ranked shows

• Dec 2025: Minority stake in Entangled Publishing, an independent romance-fantasy book publisher focused on IP-driven expansion

• Jul 2025: Participated in Substack’s $100M Series C, backing the leading creator-owned newsletter platform

• Apr 2025: Invested $120M in Unrivaled Sports, a media-first sports venture focused on launching new professional leagues

• Mar 2025: $40M minority investment in Audiochuck, the true-crime podcast network founded by Ashley Flowers

• Other notable investments include Barstool Sports, Food52, CAKE, The Athletic, and the Premier Lacrosse League.
  
  

–DEAL DETAILS–

Overview

• Announced January 28, 2026

• Financial terms were not disclosed

Strategic Rationale

• Provides Goalhanger with strategic capital and partners to accelerate U.S. expansion while preserving its creator-led operating model.

• Gives Goalhanger access to the broader Chernin ecosystem, including Chernin Entertainment, creating pathways to extend its audio-first IP into TV, film, digital video, and live formats through experienced production, financing, and distribution support.

• Builds on Goalhanger’s strength in history, sports, and factual storytelling, categories that translate naturally into documentaries and screen-based formats with global audiences.

• Partnered with LaLiga to develop North America-focused digital video and podcast content, utilizing league media rights and archival footage.

• “They share our vision for what Goalhanger can become and are the perfect partner to help us realise that ambition,” said Tony Pastor, Jack Davenport, and Gary Lineker, co-founders of Goalhanger

• “Goalhanger has built a premium podcast business with a distinctive voice and a global audience, and we see significant opportunity to expand the company’s IP across platforms and markets,” said Greg Bettinelli, Partner at TCG

Post-Deal Operations

• Goalhanger will continue to operate as an independent podcast network following TCG’s minority investment.

• Gary Lineker, Tony Pastor, and Jack Davenport will retain creative and operational control of the business post-transaction.

• TCG will take a seat on Goalhanger’s board as part of the transaction, marking its first external investment in the company.

• TCG is expected to support Goalhanger’s growth by expanding its IP beyond audio and exploring opportunities across television, film, digital video, and live formats

– WHAT ELSE I FIND INTERESTING–

Rise in Podcast M&A: A Shift in IP Investment Strategy

The TCG x Goalhanger deal is yet another indicator that the audio winter of 2022-2023 is over. 

But the industry’s investment thesis has shifted. 

Unlike the Spotify-led spending deal spree of 2019, which focused on exclusive distribution of podcast IP ($450M was spent on Gimlet, Parcast, and The Ringer), our deal research and day-to-day buyer convos signal that capital is now chasing 2 key themes:

• Multi-platform IP franchises

• Services and technology that drive monetization and direct-to-fan relationships

Why Valuations of Podcast Publishers Are Rising

We’re observing a fundamental re-rating of podcast asset values, driven by the shift from audio-only to multi-platform IP. 

This evolution is transforming podcasts from niche feeds into a new cornerstone of modern media.

• Social Video Convergence: The "YouTube-ification" of podcasting has unlocked a large new discovery engine. By converging audio storytelling with social video, creators are seeing 1.5x higher consumption rates and reaching younger, mobile-first audiences that traditional podcast directories don’t capture.
  

• Strong Ad Market Growth: Podcast ad revenue is projected to hit $5 billion by 2026, a 20% YoY increase. Advertisers are no longer viewing podcasts as a test line item; instead, they’re chasing the 93% completion rates and the deep trust built through host-read integrations, which now function across audio, video, and CTV.
  

• Content Licensing Gold Rush: A large second-market has emerged for podcast IP. Major streamers are now paying hundreds of millions to secure audiovisual rights to audio-first hits. Deals like Netflix x iHeartMedia, Netflix x The Ringer, and Tubi x Audiochuck prove that podcasts are now premium TV-grade content. These licensing pacts don't just provide a meaningful new revenue line; they also push the IP into the living room, which will help these multi media companies reach millions of new viewers, and in turn drive millions more social and digital media impressions. That will equate to more advertising dollars, and more customers who convert into premium paid memberships.
  

• The Rise of High-Margin D2C Clubs: We’re moving from a reliance on CPMs to diversified, recurring revenues. Digital media publishers are now building large, direct-to-consumer businesses that convert casual listeners into paying superfans. Take Goalhanger: they’ve scaled to 250,000+ paying members across their "The Rest Is..." franchises. By offering ad-free feeds, early access, and bonus content for roughly £6 / month, they’re generating an estimated £15M+ in high-margin, recurring annual revenue before a single ad is sold. This sticky revenue makes media businesses more attractive acquisition targets, and is causing an uptick in market valuation multiples. It’s because the new and growing business model signals that these networks aren't just content shops; they’re D2C platforms with durable, recurring revenues.

Overall, this is an emergent new media model that’s finally seeing strong market traction: building a brand in the ears, scaling it on the screen, and monetizing it through a diversified mix of ads, licensing, and direct-to-consumer loyalty.

Below are recent podcast-adjacent publisher deals driven by the above market drivers:

• 1.6.26 – UK-based Global Media Group acquired a majority stake in The Overlap, a digital sports media network by former England and Manchester United soccer player Gary Neville. Boasts 2.2B views across all platforms for 2025, and covers sports like soccer, rugby, and cricket
  

• 5.16.25 – PodX acquired Lemonada for $30M, a podcast network and creative studio with 50 original and 40 partner shows with many in the top 10 charts (our deal analysis)
  

• 3.7.25 – TCG invested $40M into Audiochuck, a podcast network specializing in true crime and mystery. Boasts 20 weekly and seasonal shows, and just did a $150M content licensing deal with Fox’s Tubi (our deal analysis)

Investing in Creator Monetization: Services + Tech

A major focus for our team is how modern media companies are building middle layers and tooling to help creators move away from a total reliance on social platforms. The goal is to operationalize a creator's reach into a scalable, diversified business that also includes direct-to-fan relationships and monetization strategies.

This is helping creator businesses evolve into a higher quality investable asset class. Which will in turn drive more investor ROI, as well as capital and innovation that will push our industry forward. 

We’re seeing this play out through two main types of acquisitions:

• The Service Layer: Strategy, Sales, & Operations: The recent acquisitions of Red Seat Ventures by Fox and Silver Tribe Media by Initial Group (our deal analysis) show that buyers value the operational expertise required to turn talent into a business. RSV and Silver Tribe provide the strategy and management needed to build D2C media brands. For example, Initial Group’s move for Silver Tribe wasn't just a talent grab; it was an investment in a vehicle that builds diversified businesses for athletes like Peyton Manning and Dale Earnhardt Jr., and entertainment personalities like Oprah Winfrey.
  
  

• The Tech Layer: D2C Monetization & Data: To scale these businesses, creators need dedicated technology. This explains Fox’s acquisition of Supercast earlier this week. By pairing RSV’s services with Supercast’s subscription and gated-content technology, Fox has built a full-stack creator monetization platform. This infrastructure allows creators to own their 1st-party data and drive recurring revenue, making their businesses more durable and less susceptible to algorithm changes. On top of Fox’s many other recent creator-focused investments, the move makes the traditional media co an increasingly attractive destination for high-profile creators and media personalities who want to access premium monetization, robust support services, a community of other creators, resources to incubate IP, and new distribution channels like TV and streaming…all under a single roof. We wrote about the rise of the new “Creator Ecosystem” in our 2026 Creator M&A Outlook, and how we’re seeing new strategies emerge here from companies like Whalar and Stephen Bartlett’s Flight Group – I’ll now officially add Fox Corp. to that mix!
  

• A quote from Supercast founder Jason Sew Hoy sums it up well: “From the very first conversation with Chris Balfe at Red Seat Ventures and Paul Cheesbrough at Tubi Media Group, it was clear that we shared the same worldview: that creators can own their audience, control their brand and build significant, sustainable media businesses on their own terms,” Hoy said. “We’re excited to accelerate investment in the Supercast platform and bring even more opportunities to our creators and partners by leveraging the power of Red Seat Ventures, Tubi Media Group and FOX.”

Of note, these creator monetization and D2C trends are the core thesis for a client we’re currently representing in an M&A sales process – a company that helps knowledge creators build D2C ecourse businesses, and that boasts 300% YoY growth for the past few years (DM me if you want to learn more about it).

Overall, the market is increasingly prioritizing companies that can control their own monetization and customer data, and have broad top-of-funnel reach to build audiences at scale that can be down-funneled into more premium experiences and monetization. 

Journalist-Led Networks: Turning Individual Influence into Enterprise Value 

Goalhanger’s strategy of hiring high-profile journalists to launch specialized verticals – most notably Alastair Campbell (former Downing Street Director of Communications) and Rory Stewart (former Conservative Cabinet Minister) for The Rest Is Politics – follows a key trend we’re seeing in the "creator economy for professionals."

We’ve seen this playbook in recent deals like Puck’s $16M acquisition of Air Mail (deal analysis) and Paramount’s $100M+ acquisition of The Free Press (deal analysis).

The industry reality is that audiences now follow the individual person, not the traditional media brand.

However, to scale, these individuals require an operational middle layer. Puck’s acquisition of Air Mail demonstrates that while independent, journalist-led brands often hit a growth ceiling, rolling them into a shared-service platform enables cross-pollination of audiences and significantly lower customer acquisition costs. These transactions are not just content plays; they represent a move toward an owned & operated IP model where talent holds real equity. This ensures long-term alignment and transforms a talent-at-will risk into a stable, investable media enterprise.

There’s also some similarities here to the employee-to-creator dynamic I wrote about last week in our deal analysis of Future Plc acquiring SheerLuxe for $54M plus earnout.

I'm the founder of RockWater Industries. We do M&A and strategy advisory for creator economy and social / audio agencies. From buy and sell-side M&A and fundraising to market research and go-to-market planning. 

DM me on LinkedIn or email [email protected]

📖 More RockWater Reads 📖

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  PMG + Digital Voices: Moving Past the “Tech Sheen” to Close the Creator Funnel (link)

• Mythical Sells Sporked to Savage Ventures // Battle for the Grocery Aisle Leads to Food Media M&A (link)

• Initial Group Buys Silver Tribe Media // Turning Talent Into Enterprise Value (link)

• 2026 Creator M&A Outlook: Entering the Sophomore Year (link)

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