Leading sports content producer Mandalay Sports Media (MSM) announced Wednesday that private equity firms Rho Ventures and Columbia Capital each purchased a minority equity stake for an undisclosed amount. 

The capital raised from the agreement with the two leading private equity firms will be used for the expansion of MSM's content operations and finance future investments and acquisitions.

Mandalay Sports Media, which was founded by Mike Tollin and Peter Guber in 2012, is a sports content and media company based in Studio City, California. It has produced stories featured in Turner Sports, ESPN, AOL and Legendary Enterntainment, and is currently involved in a number of projects with major television, feature film, digital and sports companies. The world's leading athelete representation firm CAA Sports was among the supporting entities in the formation of MSM.

"This is an exciting and strategically important announcement today for MSM," stated MSM Chairman and Mandalay Entertainment Group CEO Peter Guber. "Columbia and Rho's investment and substantial resources will be a key accelerator as we look to build a company of significant scale."