Deals
Fox Buys $236 Million Stars Group Stake to Enter Betting Market
- Media company purchases 4.99% interest and launches Fox Bet
- Fox has option to acquire half of U.S. business in a decade
Photographer: Alex Trautwig/Getty Images
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Fox Corp. is buying 4.99% of gaming giant Stars Group Inc. and starting its own sports wagering platform -- by far the biggest media investment yet in the burgeoning U.S. sports-betting market.
The media company controlled by Rupert Murdoch and his family will pay $236 million for its stake in Toronto-based Stars, which last year bought Sky Betting & Gaming for $4.7 billion, Stars Chief Executive Officer Rafi Ashkenazi said in an interview.