Fantasy sports have become the new American pastime and The Chernin Group (TCG) is looking to capitalize on the enthusiasm with the launch of The Action Network, a premium sports analysis and media company that, according to the company, “will cater to the $170 billion+ underserved sports wagering and fantasy markets.”
The Action Network is built on TCG’s three newly acquired sports data and analysis companies that include Sports Insights, Fantasy Labs, and Sports Action. Additionally, veteran sports media executive ESPN’s Chad Millman has joined the new venture to serve as Head of Media. In the role, Millman, who created the gambling beat at ESPN, will oversee The Action Network’s content strategy.
TCG is also making a primary capital investment into The Action Network. The company plans to build out the management team and brand with the aim of offering an all-encompassing subscription and editorial platform for those who speculate on sports and fantasy sports. The announcement was made today by Mike Kerns, TCG’s President of Digital.
“The list for this leadership role had one name, Chad Millman. His experience launching new media brands, passion and expertise in the wagering media business, and network within the media industry is unmatched. We could not have joined forces with a better executive to lead the content endeavors of our new venture,” said Kerns. “This market is immensely valuable and growing by the day, yet there is a real lack of professionalized resources and infrastructure. Now with The Action Network, we have an opportunity to couple superior technology, data, and analytics tools with informative and entertaining premium content to offer a user-friendly platform that super-serves today’s sports speculators.”
Employees of the three companies will join The Action Network team, including the founders who will continue to play key roles in product management and editorial leadership.
“My investment in FantasyLabs was a bet on the future of how people consume sports – with something at stake. The company’s acquisition by The Chernin Group and the creation of The Action Network reaffirm that this market is underserved,” said Mark Cuban. “I’m thrilled to be involved with a company poised to become the leader in the rapidly growing industry of sports speculation, analytics and media.”
The Chernin Group is a privately held, independent media holding company founded by Peter Chernin and based in Los Angeles, California. TCG’s assets include Chernin Entertainment, which produces feature films and television programs; and Otter Media, an online video venture with AT&T which oversees a portfolio of businesses including Fullscreen Media, Ellation, Crunchyroll, Gunpowder & Sky, and Hello Sunshine