Fertitta brothers among new Action Network investors
Sports betting affiliate has completed a $17.5m Series B funding round
The Action Network has completed a $17.5m Series B funding round, led by the Ferittta brothers’ investment vehicle, Fertitta Capital.
Other investors in the round included former Twitter COO Anthony Noto and David Blitzer of Harris Blitzer Sports & Entertainment, which owns a stake in the Philadelphia 76ers and New Jersey Devils.
The Chernin Group, which formed The Action Network in October 2017, also re-invested in the Series B round.
“We are thrilled to welcome Fertitta Capital, and this exceptional group of sports, media and technology investors into the fold, as we build the next phase of The Action Network,” said Kerns.
“The company’s remarkable growth this last year is a testament to our strong leadership team, and this latest financing will help us expand our audience reach and depth of product offerings for years to come.”
Mike Kerns, the president of Chernin Digital, was named chairman of the Action Network, with Nakisa Bidarian, CEO of Fertitta Capital, also joining the board.
Bidarian said in a statement: “Since its inception, Fertitta Capital has focused on uncovering opportunities to leverage our unique combination of experience across sports, media and betting” said Bidarian.
“The Action Network is the ideal investment to allow us to fully leverage that experience. We are confident that the company’s best-in-class leadership team, products and content will continue to expand its position as the leading sports betting media company.”
Fertitta Capital was founded by Frank and Lorenzo Fertitta after they sold the UFC for $4bn in 2016. They also hold a controlling stake in Red Rock Resorts Inc, while their cousin, Tilman Fertitta, is the CEO of Landrys, the operating company for Golden Nugget.
The Action Network has received criticism for directing bettors to offshore sportsbooks as well as regulated operators.