FanDuel, DraftKings to Merge, Creating Daily Fantasy Titan
FanDuel Inc. and DraftKings Inc. have agreed to merge after months of speculation, creating a company that would control more than 90 percent of the turbulent daily fantasy sports industry.
The deal raises potential antitrust concerns, and federal regulators will need to clear any tie-up. For customers, little will change until the merger closes, which could take more than a year. The valuation of the combined entity wasn’t disclosed.
DraftKings co-founder Jason Robins, who will be CEO of the new entity, and FanDuel co-founder Nigel Eccles, who will chair its board, described the agreement as a merger of equals. “It’s that simple,” Robins said during a joint interview Friday. – READ MORE