Better Collective acquires sports media platform Action Network for $240m
Better Collective announced it has agreed to acquire Action Network Inc. for $240m in a move to gain market space within the US sports media betting media.
Denmark-based Better Collective will acquire 100% of Action shares on a cash and debt free basis.
Action, launched in 2018, bills itself as the premier digital resource for American sports bettors. Its media platforms include original sports news content, odds, and proprietary sports betting tools and data.
The New York-headquartered company expects 2021 revenues of approximately $40m, an increase of over 100% year-on-year. Action’s commercial partnerships include DraftKings, FanDuel, BetMGM and PointsBet.
As part of the merger, Action CEO Patrick Keane will report to Better Collective US CEO Marc Pedersen.
“Today marks a great achievement in the history of Action,” Keane said. “In just a few years, our team has managed to build a leading sports betting product and media business in the US market, making us attractive to a leading international player. I am thrilled about this outcome for our employees and investors and we look forward to continuing to forge great relationships with our league, media and sportsbook partners. 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. We gain new colleagues, career paths and perspectives. I’m looking very much forward to the journey ahead.”
Upon announcement of the acquisition, Better Collective expanded its 2021 target total revenue to exceed $217m, compared to the previous expectation of $193m.
The company will announce further details about the acquisition at its 2021 Q1 earnings report to be released May 12.
Jesper Søgaard, CEO of Better Collective, said, “I am thrilled to welcome Action and its employees to Better Collective. This acquisition, which is the largest in Better Collective’s history, gives us a leading position within affiliation in the US and a strong foundation for profiting from the continuous regulation of the US betting market. We add three new, very well positioned US sports media brands to our portfolio and welcome around 100 new colleagues, together representing an invaluable pool of knowledge and expertise on the US sports betting media market. By all accounts, this is a great day for Better Collective.”
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