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Genius Sports has entered a definitive agreement to acquire Legend, a global digital sports and gaming media network, in a transaction valued at up to $1.2 billion.
The acquisition represents a strategic expansion that positions Genius Sports as the only operator of integrated businesses across official sports data, media, and advertising. The deal combines Legend’s scaled media platform and marketing technology with Genius Sports’ existing data and content ecosystem.
Transaction Structure
The upfront consideration comprises $900 million at closing, split between $800 million in cash and $100 million in stock. An additional earnout of up to $300 million is structured across two years post-closing, contingent on achieving specific profitability and cash flow targets. Genius Sports retains the option to pay the earnout in cash or stock, subject to standard conditions.
Genius Sports plans to fund the acquisition through an $850 million Term Loan B issuance while keeping its revolving credit facility undrawn. The company expects pro forma leverage to remain below 3.0x, with projections showing deleveraging of more than 50% by 2028.
The transaction is anticipated to be immediately accretive to Group Adjusted EBITDA margins and Free Cash Flow conversion. On a 2026 annualized pro forma basis, the combined entity is projected to achieve approximately $1.1 billion in Group Revenue and $320-330 million in Group Adjusted EBITDA, with roughly 50% Free Cash Flow conversion.
Legend’s Platform and Reach
Legend operates a digital sports and gaming media network that monetizes sports audiences through owned and operated properties. The platform syndicates sports and betting content to major publications, including Sports Illustrated and Yahoo Sports.
In 2025, Legend recorded 320 million annual visits from 118 million unique visitors, with more than two-thirds returning regularly. The platform’s technology connects sports fans researching teams, players, odds, and scores with relevant sportsbooks, gaming products, and advertisers during high-intent moments.
“This deal accelerates our strategic and financial objectives, supercharges fan monetization, and builds a fully integrated sports and gaming media network,” said Mark Locke, CEO of Genius Sports. “For Genius Sports and our global partners, it delivers more data, more audience, more inventory and greater monetization of sports fans. The acquisition of Legend will drive higher margins and stronger free cash flow, positioning Genius Sports to immediately transform the market and grow the size and scale of our business.”
Integration Strategy
Through FANHub, described by Genius Sports as the world’s first sports fan activation platform, the company plans to integrate Legend’s global audience and marketing technology with its network of over 2,000 combined sports, media, and betting partners via a unified platform.
The acquisition is designed to create multiple touchpoints across the sports fan journey, from data provision to content consumption and betting engagement. Legend’s syndication capabilities to major publications are expected to extend Genius Sports’ reach beyond owned properties, providing access to established distribution channels and audience relationships.
“Joining forces with Genius Sports brings together two world-class teams, unlocks unparalleled growth opportunities for our partners and products, and gives us an even stronger platform to scale,” said Nick Kisberg, Founder of Legend. “I am immensely proud of what we have built and the decades of hard work that have brought us here today.”
Timeline and Regulatory Approval
The acquisition is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.
Genius Sports is a global leader in sports technology, providing official data, content, and marketing solutions to sports leagues, betting operators, and media companies worldwide. The company maintains partnerships with major sports organizations and operates across multiple regulated markets.
Source: Genius Sports
