Gruninger out as Victory+ CEO after platform loses its third partner in 15 days
Victory+ is undergoing a leadership change as the streaming platform shifts its operational focus. The company has removed founder Neil Gruninger from the CEO position, appointing board member Jon Spencer to take his place. Spencer, who brings significant financial experience from his background with TriWest Capital Partners, will lead the company through a period of downsizing and restructuring. Gruninger will transition to a role centered on technology and product innovation, continuing to work with the team on long-term strategy.
The change follows a difficult two-week period for the platform, which saw the departure of three major sports rightsholders. The Anaheim Ducks, Texas Rangers, and the National Women's Soccer League all ended their partnerships with Victory+ after the platform defaulted on rights fee payments. These departures highlighted challenges with the original business model, which relied on high upfront payments and complex non-exclusive streaming arrangements that failed to generate enough revenue to sustain the company.
Victory+ now plans to scale back its ambitions to ensure it remains a viable business. The company intends to focus on partnerships that align with its core model of free, ad-supported streaming. This approach currently works for the Dallas Stars, which remain the platform's primary partner and a minority equity holder. The platform also continues to carry games for the Minnesota Lynx, Atlanta Dream, League One Volleyball, and various Texas high school football programs.
Financial backers previously hesitated to provide funding due to uncertainty regarding the long-term commitment of potential NBA partners and broader industry shifts in local broadcasting. With these new leadership changes, the board expects to stabilize the financial position of the company. Success moving forward depends heavily on maintaining the exclusive partnership with the Dallas Stars and proving that the platform can operate sustainably under a smaller, more disciplined budget.