Musburger Media has purchased VSiN, The Sports Betting Network from DraftKings, returning VSiN to its original founders.
Brian Musburger and Bill Adee, who were part of the team that launched and previously led the multi-platform broadcast and content company, will take command again moving forward.
Las Vegas-based VSiN develops, produces and distributes up to 18+ hours of live linear sports betting content each day. Its original content is available via its own 24/7 stream as well as through partners such as Comcast Xfinity, Sling TV, fuboTV, Rogers’ Sportsnet in Canada, MSG Networks, Marquee Sports Network and iHeartRadio.
Musburger and Adee sold the brand to DraftKings in 2021 in a roughly $70 million deal that both companies projected would enhance DraftKings’ content capabilities and boost VSiN’s audience. VSiN’s leadership continued to run the brand day-to-day from Vegas.
Now, the company’s founders have bought it back. Terms of the deal were not disclosed in the press release that announced the deal on Monday, but a previous EKG report suggested it could be for “pennies on the dollar.”
“While a lot has changed in the sports betting industry over the past three-and-a-half years, our original vision for VSiN still holds and we are committed to delivering the most credible, independent information and analysis sports bettors can find anywhere,” said Musburger. “We truly appreciate the work we’ve done with DraftKings and look forward to continuing to collaborate on future projects.
“Bill and I couldn’t be more excited about leading VSiN into the future and cementing our position as a trusted authority in sports betting.”
VSiN said that with the strategy and team already in place, it will focus immediately on expanding partnerships and distribution.
DraftKings reconsiders approach
Stephanie Sherman, DraftKings chief marketing officer, said in the press release that the sale comes as the company, “continues to optimize its investments in content and media to align with the most critical areas and needs of our business strategy, objectives, and goals.”
The company signed up Barstool Sports as a multi-year partner in February after Barstool’s post-PENN deal non-competes expired. In a deal that somewhat mirrors VSiN’s repurchase, PENN Entertainment sold that company back to former owner Dave Portnoy for just $1 last year.
DraftKings also agreed to acquire odds maker and player prop provider Sports IQ Analytics for an undisclosed fee in May, the same month in which it completed its $750 million purchase of lottery courier Jackpocket.
Rumors this spring also linked the gaming and betting giant with interest in purchasing Rush Street Interactive and Simplebet.
Sherman said that DraftKings will continue to advertise through VSiN after the sale. As well its range of TV and radio partners, VSiN content has been hosted on the DraftKings Network, such as Michael Lombardi’s Lombardi Line.
