Miami Dolphins owner, Stephen Ross has backed US gambling media publisher The Action Network with a $17.5 million investment.
RSE Ventures, private equity vehicle of the US real estate billionaire who also owns the Hard Rock Stadium, confirmed it had embarked on the investment in The Action Network as the platform bids to strengthen its footprint across 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 growth across the developing US sports landscape.
The Action Network is spearheaded 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 detailed to 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, among others, Blackstone Group’s David Blitzer, co-owner of the 76ers and Devils; 6721 Capital; and Bitkraft Esports Ventures.
Confirming the investment, RSE Ventures Co-Founder and CEO Matt Higgins said: “As more and more states legalise 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.”