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Fox eyes $2.2 billion discount on FanDuel stake acquisition
A famous media group Fox wants to acquire 18.6% stake in FanDuel by December 2030.
In 2020, Flutter Entertainment, an international sports betting and gambling company, founded in 2016 acquired The Stars Group, which gave Fox
Corporation the option to buy an 18.6% stake in FanDuel, a leading U.S. betting operator, by December 2030.
Recently, Fox CEO Lachlan Murdoch said that Fox might secure this stake for less than its market value.
Fox stated:
“In addition FOX Sports holds a 10-year call option expiring in December 2030 to acquire an 18.6% equity interest in Flutter’s majority-owned subsidiary, FanDuel Group, the exercise of which is subject to certain conditions and applicable gambling regulatory approvals. As of June 30, 2024, the option exercise price is approximately $4.3 billion.”
Murdoch hinted that Fox is unlikely to “leave $2 billion on the table,” indicating the company is seriously considering the opportunity. Increasing its share in FanDuel could offer strategic advantages, including deeper engagement with its audience. While Fox has until 2030 to finalize the deal, the recent comments suggest that it will take place sooner, depending on regulatory approvals.
At the same time, FanDuel is expanding its efforts in promoting responsible gambling, having recently launched a campaign with former NBA player Randy Livingston, ahead of Responsible Gaming Education Month in September.
FAQs
What’s the deal with Fox and FanDuel?
Fox has the chance to buy an 18.6% share in FanDuel by December 2030. This opportunity came about when Flutter Entertainment acquired The Stars Group in 2020. Fox was given this option as part of that deal.
How much is this stake going to cost Fox?
Right now, the price to exercise this option is about $4.3 billion, based on the figures from June 30, 2024.
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