DraftKings drops VSiN ownership, selling it back to original founders

The gaming industry might as well have coined the phrase "what goes around comes around." Just months after the surprise decision of PENN Entertainment to sell Barstool Sportsbook back to its founder David Portnoy for $1, and after forking out $551m for the asset, DraftKings has done something similar.

VSiN was sold back to the founders for an undisclosed amount

Yet, the sports betting and gaming behemoth has known better than to share how much it is selling VSiN, a sports video and radio streaming network, back to its founders for. What is known, however, is that DraftKings made an ambitious play for the asset back in 2021, shelling out $70m to secure it from Bill Adee and Brian Musburger, who are now once again in control.

The logic of the original deal was to allow DraftKings to quickly and efficiently access audiences by leveraging various entertainment and sports formats. Among the personalities that have appeared on the network are Patrick Meagher, Greg Peterson, Michael Lombardi and others.

DraftKings CMO Stephanie Sherman has explained that the company is simply looking to optimize its portfolio of investments in the media and content vertical, while also ensuring that DraftKings remains on top of its business strategy, including long-term goals.

DraftKings Network will continue to run on VSiN, so the company will at least follow through with its plan to continue enjoying increased exposure and enhanced brand presence across the United States. Commenting on the deal, Musburger said:

"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."

DraftKings seeks to optimize its operations for the current business landscape

For its part, VSiN will continue on track trying to tackle its mission-statement goal of remaining the go-to source for sports coverage in the United States – a lofty ambition in a market where ESPN already exists.

Programming for VSiN is unlikely to change, however. The network will continue to broadcast 18 hours’ worth of various sports betting-related content every day, ranging from news to analyses, to other fun formats that invite sports personalities, to offering betting tips.

VSiN was introduced in 2017 by Musburger, and it quickly grew, mostly through syndicated radio shows and various deals with regional networks, enabling it to gain exposure within the United States.

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