Deals
FanDuel, DraftKings to Merge, Creating Daily Fantasy Titan
- Combined entity would control more than 90% of industry
- DraftKings co-founder will be CEO, FanDuel exec to be chairman
FanDuel, DraftKings Combine in Fantasy Sports Merger
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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.