LOS ANGELES: The Action Network, a leading sports media company in the United States, that provides in-depth betting content, tools and analytics for sports fans, announced Thursday it has closed on $17.5 million in Series B funding led by Fertitta Capital, a leading private capital firm focused on technology-enabled media and entertainment businesses.
As part of this investment, Fertitta Capital CEO Nakisa Bidarian joins The Action Network's BOD.
"Since its inception, Fertitta Capital has focused on uncovering opportunities to leverage our unique combination of experience across sports, media and betting," Bidarian said.
"The Action Network is the ideal investment to allow us to fully leverage that experience. We are confident that the company's best-in-class leadership team, products and content will continue to expand its position as the leading sports betting media company."
Independent media holding company The Chernin Group, which formed The Action Network in October 2017, also re-invested in the Series B round. In addition, Chernin Digital President Mike Kernswas named the chairman of the company's BOD.
"We are thrilled to welcome Fertitta Capital, and this exceptional group of sports, media and technology investors into the fold, as we build the next phase of The Action Network," Kerns said.
"The company's remarkable growth this last year is a testament to our strong leadership team, and this latest financing will help us expand our audience reach and depth of product offerings for years to come."
Also contributing to The Action Network's Series B funding were prominent members of ownership groups of major sports organizations and strategic media investors. Among these include David Blitzer of Harris Blitzer Sports & Entertainment, which owns a stake in the Philadelphia 76ers of the NBA; global eSports investor BITKRAFT Esports Ventures, 6721 Capital and former Twitter COO Anthony Noto.
"We are elated to have the confidence and support of top investors across sports and media," The Action Network CEO Patrick Keane said.
"The Action Network is the benchmark for modern sports betting data, content and analytics. With sports betting now legal in eight states and more than a dozen other states considering legislation to legalise, we see an incredible opportunity as we focus on securing the necessary approvals in regulated US sports betting jurisdictions as well as those around the world."
The Action Network launched in January 2018, five months before the Supreme Court lifted the federal ban on sports betting. Taking advantage of the rapidly evolving sports media landscape and audience demand for credible sports betting products and information, the company has hired several prominent industry personalities. These include Darren Rovell, former ESPN sports business writer; Rob Perez (aka "WorldWideWob"), former host of co-branded ESPN and Cycle Media production "Buckets"; and Jason Sobel, formerly of ESPN and the Golf Channel.