Minute Media raised “tens of millions of dollars” in a previously unreported funding round, with participation from sports betting giant FanDuel, its founder and CEO Asaf Peled tells Axios.
Why it matters: The funding strengthens a years-long partnership as Minute Media seeks to invest more in sports betting, and FanDuel more in content.
- "Investing further in Minute Media is another step forward in trying to take advantage of our position," says Adam Kaplan, General Manager & VP at FanDuel Group, which is one of the largest online sportsbooks in the country.
Catch up quick: Minute Media is a digital holding group that owns sports and entertainment websites like The Players' Tribune and The Big Lead.
- It last publicly announced a $40 million raise in early 2020, at a valuation of more than $500 million.
- The previously unreported round happened several quarters ago.
Details: FanDuel first partnered with Minute Media in 2018 to create The Duel, a digital platform focused on fantasy sports and sports betting news. The site is powered by Voltax, Minute Media's proprietary publishing platform which launched in early 2020.
- Kaplan says readers of The Duel have bet more than $10 million on FanDuel since 2020 across its SBK sportsbook and its Daily Fantasy Sports (DFS) platform through its work with Minute Media.
By the numbers: Asked whether the new round puts Minute Media's valuation north of $1 billion, Peled said, "I cannot comment on the valuation, but I think that you probably seem like you know what you're asking here."
- Peled said casino giant Wynn also participated in the undisclosed financing round.
The big picture: FanDuel has launched dozens of partnerships with media companies in the past few years, including most-recently an exclusive sports betting partnership with the AP.
- It works with media companies like The Ringer, CBS, Audacy, Hulu, as well as sports franchises, like the NFL, NBC, Brooklyn Nets and others. FanDuel has its own podcast network and a TV affiliate around horse racing.
What to watch: Kaplan said FanDuel is "definitely" looking to invest in more content deals.
⚡ Breaking this AM: CNBC reports that DraftKings has made a $20 billion takeover offer to UK-based online sports betting company Entain.