CVC invests in CHESS.COM
Context
CVC Capital Partners has announced an investment in Chess.com, the world’s largest online chess platform, alongside General Atlantic, the company’s longstanding investor, which will remain a shareholder. The transaction marks CVC’s entry as an investor in Chess.com to support the platform’s continued development and its expansion within the global chess community. The investment reflects CVC’s strategy of backing companies operating at the intersection of sports, digital entertainment, online communities and consumer experiences. Leveraging its experience across community-driven platforms, live events, sports organisations and media businesses, CVC aims to support Chess.com’s future growth, including through the development of new content formats, live events, partnerships and enhanced user engagement. Since its creation, Chess.com has built a global ecosystem around online chess, combining competitive play, game analysis, educational resources, tournament coverage and social features. The platform has benefited from growing worldwide interest in chess, supported by cultural phenomena, the expansion of creator communities and the increasing popularity of chess-related content across digital channels. The transaction is intended to strengthen Chess.com’s position as the leading digital destination for chess players and fans globally, while creating new opportunities to expand the reach and visibility of the game. Goldman Sachs acted as exclusive financial advisor to Chess.com in connection with the transaction.
CHESS.COM, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).
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Target
Chess.com operates the world’s largest online chess platform, providing a suite of interactive services to a global membership exceeding 250 million individuals. Daily activity reaches approximately 10 million users who engage in live matches, automated game analysis, tactical puzzles, instructional lessons, and a curated library of video courses. The platform also delivers live streaming of major tournaments, hosts a social forum for player interaction, and maintains a marketplace for chess‑related content. Founded two decades ago, the company has expanded its reach through partnerships with broadcasters, educational institutions, and a network of independent content creators. Its technology stack supports cross‑platform access via web browsers, iOS, and Android applications, enabling seamless play across devices. Revenue is generated through tiered subscription plans, advertising placements, and premium instructional products, while a small proportion derives from corporate sponsorships tied to event coverage. Chess.com’s workforce of more than 650 employees functions entirely remotely, coordinating product development, community management, and customer support from multiple geographic locations. Recent growth has been fueled by cultural catalysts such as a popular television series, viral social‑media trends, and an expanding creator ecosystem that produces original instructional material. The company’s stated mission emphasizes accessibility, enjoyment, and reward for players at every skill level, guiding ongoing feature development and community initiatives.
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REFERENCES
Revenue range: 100M - 200M USD
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: chess.com
Acquirer: cvc