In the acquisition, XLMedia will pay a total of $12m in cash, new XLMedia plc shares, as well as potential future contingent consideration.
Based in the northeast, CBWG produces online content focused on professional and college sports, sports gaming and sports betting.
CBWG runs a number of sports websites, including CrossingBroad.com, EliteSportsNY.com. In addition, the company operates sports betting and gaming focussed sites such as PASportsbooks.com, BetNewJersey.com, ActionRush.com and PromoCodeKings.com.
The company also has an agency arm which partners with sports media brands. CBWG is registered as a sports gaming affiliate in six states, such as New Jersey and Pennsylvania.
“It is great to have acquired such an attractive set of assets during an inflection point for the US sports betting market,” commented Stuart Simms, CEO of XLMedia.
“On some estimates, almost 60% of the US population is set to have legal access to sports betting by the end of 2022 – this could include New York, where one of the key assets, EliteSportsNY.com, is focused.”
CBWG’s two founders, Kyle Scott and Jason Ziernicki, will remain at the company in newly created roles.
