XLMedia has announced that CBWG Sports founders Kyle Laskowski and Jason Ziernicki will leave the business following the completion of their earn-out targets.
The affiliate giant acquired US-focused sports gaming and sports betting business CBWG in December 2020, paying an initial $12.0m (£10.8m/€12.4m) in cash and issuing 7,954,546 new shares at an aggregate value of $3.5m.
The purchase enabled XLMedia to establish a presence in the US sports betting market, with CBWG serving as the platform acquisition for XLMedia in the country.
At the time, it was confirmed that Laskowski and Ziernicki would remain with the group in newly created roles, continuing to support the acquired business and share their expertise and experience.
However, with Laskowski and Ziernicki now nearing their earn-out targets, both will soon exit the business.
“It was important for Kyle and Jason to join the business and ensure a successful integration into the XLMedia business and transfer of knowledge,” XLMedia chief executive David King said. “As entrepreneurs it is understandable that they are looking to move on, but they leave behind a highly talented team committed to growing XLMedia’s US business. I wish them the very best for the future.”
Laskowski added: “As a founder you build a brand not knowing what the future holds – in our case, it was joining XLMedia. We are very proud of what we and the team were able to build at XLMedia, while pioneering the North American sports market’s media partnership model.
“But the time is right for us to move on and we feel confident we are leaving the business in good hands.”
Ziernicki also said: “The last two years have been both challenging and rewarding as we’ve watched the business expand. As two of the company’s larger shareholders we wish nothing but success for the company going forward.”
Meanwhile, XLMedia also announced the appointment of Kevin Duffey as vice-president of North America sports, with responsibility for all sports content in the region.
Duffey had been serving as vice-president of sports media and is the founder of Saturday Football, one of XLMedia’s brands.