Media Fortune Fame & Folly

Sports for sale

The Information reports that the Chernin Group’s The Action Network ( news and data for sports betting) is for sale at a target price of more than $250m – more than 10 x 2020 revenue. Meanwhile, subscription sports news site The Athletic, which is reportedly in talks with news site Axios, is separately exploring mergers with SPACs. And Authentic Brands Group, which acquired former Time Inc magazine Sports Illustrated in 2019, is looking for “investors” with a target valuation of $500m – almost five times the price ABG paid Meredith Corp 18 months ago.

The Information