The European parent company of the Action Network and Playmaker HQ has reportedly cut at least 100 jobs.

Better Collective, a sports media company that owns a portfolio of digital outfits including the Action Network, Playmaker HQ, and VegasInsider among many others, has reportedly laid off at least 100 employees after downgrading its annual “financial targets.”

Per A.J. Perez of Front Office Sports, Better Collective CEO Jesper Søgaard announced the layoffs Tuesday on his LinkedIn profile. The company employed 1,211 staffers at the end of 2023.

Better Collective has made a series of splashy acquisitions in recent years. Last year, they acquired Playmaker Capital in a deal valued at $190 million and included outlets like Yardbarker Media and World Soccer Talk. In 2021, Better Collective bought the Action Network for $240 million. The company’s financials were adjusted down by about 10% last week, with revenues slashed to between $384 and $405 million.

Some in the space are speculating that the layoffs are a result of inflated valuations for these sites. Due to changes in Google’s search algorithm, many of the mid-sized websites that Better Collective has acquired no longer rate highly in search results, diminishing traffic. Much of the value of these websites was predicated on maintaining organic search traffic in order to refer readers to sportsbooks they are partnered with.

According to the FOS report, the downward adjustment was made primarily because of new regulations surrounding sports betting in Brazil.

In his LinkedIn post Søgaard said, “As external market conditions shift, it’s important for us to recalibrate our spending and investment strategies to ensure sustainable long-term success.” Better Collective stock has crashed from a 52-week high of $30.00 per share in February to a 52-week low of $12.52 per share earlier this week.

The decline is emblematic of larger forces in the digital media space, as websites struggle to monetize readership.

[Front Office Sports]