Shareholder approval was widely expected, with 49.8% of the company’s shareholder capital owned by directors, officers and certain shareholders who had already stated they would give their consent.
The agreement – which is expected to close in February – will see Better Collective become the Latam market leader while “enhancing” its US position.
It also represents Better Collective’s second largest acquisition ever, following the $240m purchase of Action Network.
This week, Action Network CEO Patrick Keane said he would be stepping down from the business. In a short statement he had highlighted the company’s continued growth post-acquisition.
Similarly, Playmaker’s leadership team is expected to stay in place for now to shepherd the company’s growth going forward.
In the business’s Q3 financial report, it announced €55m in revenue for the trailing 12-month period, as well as €15m in EBITDA.Playmaker’s portfolio of sports media brands includes The Nation Network, Futbol Sites and Yardbarker. Playmaker is also the owner of Wedge, a pure affiliate marketing operator which it purchased in 2022.
Acquisition pushes BC to Latam market leader
“Over the past 12 months I have been talking a lot about a transformational deal for Playmaker and its shareholders that will take this company to the next level,” said Playmaker Capital co-founder and CEO Jordan Gnat when the deal was first announced.
“Today’s announcement does exactly that, and I could not be more excited for the Playmaker family to join the Better Collective family. Their success is undeniable and their vision to become the leading digital sports media group aligns with us exactly.
“The cultures of our companies are very similar, and I see the integration and synergies to be incredibly accretive to shareholders.”
In the announcement, Better Collective said it saw a path to bring the business post-integrated Enterprise Value/ EBITDA of 2026e to below 5x.
This contrasts with the acquisition’s implied EV/EBITDA multiple of 11.7x based on publicly available financial documents.
Better Collective said it aimed to achieve this through enhanced scale, increased product, tech and marketing investments, as well as operational synergies such as rationalisation.
The affiliate also pointed to portfolio improvements including the implementation of performance-based marketing across the business.