Sports betting media startup the Action Network announced it has raised $17.5 million of funding from private equity, team owners and media and esports investors.
“We see an incredible opportunity as we focus on securing the necessary approvals in regulated U.S. sports betting jurisdictions as well as those around the world,” Action Network CEO Patrick Keane in said a press release.
The company was formed in October 2017 by The Chernin Group, founded by media titan Peter Chernin and quickly hired high-profile writers and personalities from sports media giant ESPN Inc., according to Reuters. The Chernin Group also re-invested in the network in the latest round of funding.
“This latest financing will help us expand our audience reach and depth of product offerings for years to come,” Chernin Digital President Mike Kerns said in press statement.
Private equity firm Fertitta Capital led the funding along with David Blitzer, of Harris Blitzer Sports & Entertainment, which owns a stake in the Philadelphia 76ers and New Jersey Devils. The Chicago Cubs, German esports investor BITKRAFT Esports Ventures GMBH & Co KG and former Twitter Inc. COO Anthony Noto also invested, Reuters reported.
