AAA Better Collective to buy Action Network

Better Collective to buy Action Network

Action Network, a US-based sports betting news provider backed by over-the-top media company The Chernin Group, has agreed to a $240m acquisition by sports betting media group Better Collective.

Founded in 2017, Action Network provides news and analysis on betting across multiple sports. Its offering also includes podcasts, data, educational resources and betting tools.

The company will continue to operate under the Action Network brand as a separate business unit under Better Collective following the close of the deal.

The Chernin Group formed Action Network after acquiring and merging bet-tracking app developer SportsAction, sports betting software provider Sports Insights and fantasy sports data producer FantasyLabs into a single entity.

Patrick Keane, Action Network’s CEO, said: “Under Better Collective’s ownership, we become part of a company with many years of experience and all the resources necessary to further grow our position and develop our offering to ultimately enhance the betting and entertainment experience for sports fans.”

The company’s only external funding post-merger came when it raised $17.5m in an early 2019 series B round led by investment firm Fertitta Capital that included The Chernin Group, BitKraft Esports Ventures, 6721 Capital, David Blitzer and Anthony Noto.