Sports Site Action Network Looks for Buyer as Online Betting Grows

Several sports media firms are looking for buyers or investors, hoping to cash in on the expansion of online sports betting across the U.S.

The Chernin Group’s The Action Network, a news and data source for sports betting, has tapped boutique bank Moelis & Co. to explore a sale, according to people familiar with the situation. The owners of the three-year-old company are hoping it will fetch more than $250 million, or more than 10 times its 2020 revenue.