13 Mar Built to Sell Radio: The Power of Mergers: How Crossing Broad’s Union with Warwick Gaming Led to a Lucrative Exit
Kyle Scott launched Crossing Broad, a Philadelphia sports blog, in 2009. His irreverent and edgy writing style gained a significant following among Philly sports fans, resulting in thousands of daily readers. However, it wasn’t until the 2018 Supreme Court ruling lifted the ban on sports betting in the US that the business flourished.
To capitalize on the ruling, Scott merged Crossing Broad with Warwick Gaming into CBWG, which owned and operated several popular sports and gambling websites. The company instantly became the largest independently owned US sports betting affiliate marketing network, generating $5 million in annual revenue.
In 2020, Ten months after joining forces, XLMedia acquired CBWG for $12 million in cash, $8 million worth of XLMedia shares, and the potential for another $9.5 million tied to a three-year earn-out. In this episode, you’ll learn how to:
- Use affiliates to grow your business.
- Monetize your audience without appearing desperate.
- Strike a balance between creating content for SEO and your audience.
- Determine if merging with a competitor is beneficial for your company.
- Negotiate achievable performance milestones for an earn-out.
