US gambling media publisher The Action Network has secured the enterprise backing of US real estate billionaire Stephen Ross – owner of the Miami Dolphins and Hard Rock Stadium.
Ross’ private equity vehicle RSE Ventures confirmed this morning that it had undertaken a $17.5 million investment in The Action Network, an enterprise seeking to dominate all US wagering media disciplines in relation to live odds compilations, affiliation, news and insights.
Founded in 2017, the Action Network forms part of US digital media outfit The Chernin Group (TCG), which has secured a number of high profile executives leading the publisher’s development amid a changing US sports landscape.
The Action Network is led by CEO Patrick Keane, who confirmed that RSE had been involved in the firm’s venture financing round back in February which saw Fertitta Capital the PE owners of the UFC invest in the enterprise.
Keane told Bloomberg news: “For the Action Network, it’s affirming to our strategy to have all four of the major US sports as investors. To be able to call on the counsel of these kinds of owners is super-helpful to the company.”
Other investors included, amongst others, Blackstone Group’s David Blitzer, co-owner of the 76ers and Devils; 6721 Capital; and Bitkraft Esports Ventures.
RSE Ventures Co-Founder and CEO Matt Higgins said: “As more and more states legalize sports betting, we believe that a new media company will emerge to service this sector, one that best integrates data and content.
“The Action Network has a unique blend of imaginative content creators and data miners. It’s a compelling combination that’s translating to impressive growth in subscriptions.”