Sports betting-focused media company The Action Network has completed a $17.5M Series B funding round, led by Frank and Lorenzo Ferittta's "investment vehicle, Fertitta Capital," according to Brad Allen of EGR. Other investors in the round included SoFi CEO Anthony Noto, who previously served as Twitter COO, and HSBE co-Founder David Blitzer. The Chernin Group, which formed The Action Network in October '17, also "re-invested in the Series B round." Chernin Digital President Mike Kerns was named Chair of the Action Network, with Fertitta Capital CEO Nakisa Bidarian also "joining the board" (EGR.global, 2/21). The Action Network CEO Patrick Keane said, “We're really excited to have the momentum behind the category and those kind of investors behind us.” Keane noted The Action Network has been a "premium subscription product from day one so we want our users to be able to get the highest quality content possible to better inform them on the decisions they make when they’re gambling." Keane: "We think we can build a massive business just in North America being really the source of information." He added, “We think there's an entertainment factor to this as well. We want people to bet responsibly, we want people to have great information. But this is about fun, it’s about entertainment and that's what we want to try and serve a user population around” (“Squawk on the Street,” CNBC, 2/21).
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