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Better Collective—the European-based parent of Playmaker HQ and the Action Network—laid off at least 100 employees this week, a source with knowledge of the layoffs told Front Office Sports.
Better Collective CEO Jesper Søgaard took to LinkedIn on Tuesday to announce cutbacks that came after the company downgraded its “financial targets for the year.”
“Unfortunately, this plan also includes the difficult decision to part ways with some of our colleagues,” Søgaard wrote. “Each of them has played a role in shaping Better Collective into what it is today, and for that I owe them all a big thank you!”
Søgaard did not state the number of layoffs or which parts of the company were targeted with the cuts. A spokesperson for Better Collective declined to state the total number of layoffs. At the end of 2023, Better Collective had 1,211 employees.
Playmaker Capital was acquired by Better Collective last year in a deal valued at nearly $190 million. The transaction included Yardbarker Media and World Soccer Talk as part of the deal.
Better Collective also owns Playmaker HQ, which has grown into one of the most popular podcasting platforms in sports media in recent years and counts Shaquille O’Neal, Angel Reese, and Marshawn Lynch among its big-name hosts.
In 2021, the sports betting site the Action Network was acquired by Better Collective for $240 million.
Last week, Better Collective adjusted its financial guidance for its 2024 revenues downward about 10% to between $384 million and $405 million. A slowdown in its operations in Brazil ahead of new regulations related to sports betting going into place in the country next year was cited as a major reason for the adjustment.
“Since 2017, Better Collective has grown significantly both organically and through 35 acquisitions expanding our team while adding increased complexity to our organization,” Søgaard said when the new guidance was issued. “As external market conditions shift, it’s important for us to recalibrate our spending and investment strategies to ensure sustainable long-term success.”
