On February 2, 2026, Better Collective, a digital sports media group, announced the launch of FanReach in the U.S., a platform designed to connect brands with engaged sports...
Genius Sports Announces $1.2 Billion Acquisition of Legend
Genius Sports announced a $1.2 billion agreement to acquire Legend, a digital sports and gambling media business. Following the news, Genius Sports shares (NYSE: GENI) slid almost 20% in early Thursday trading to $6.76 and finished the session down 27%, closing at $6.19.
Under the terms of the deal, Genius will pay $900 million upfront, consisting of $800 million in cash and $100 million in stock. The transaction also includes a potential earnout of up to $300 million, payable over several years after closing. This marks the largest acquisition in Genius Sports’ history and is expected to close in the second quarter of 2026, pending customary approvals.
To finance the purchase, Genius has secured $850 million in debt. The company said it expects its net leverage ratio (net debt to EBITDA) to remain below three times following completion. Based in London, Genius Sports currently has a market capitalization of roughly $2 billion.
Legend operates well-known digital properties including sports betting affiliate Covers.com and online casino and betting brand Casino.org. In a 2025 release, Legend reported 320 million annual visits from 118 million unique users, with more than two-thirds classified as repeat visitors.
The acquisition aligns with Genius Sports’ broader push into advertising technology, helping the company expand beyond its traditional sports and media data offerings. Management said the deal would provide access to a “highly engaged sports and gambling audience.”
This transaction follows other recent M&A activity by Genius Sports, including its September announcement to acquire fan data firm Sports Innovation Lab.
Alongside the deal announcement, Genius released preliminary expectations for its fiscal year ended December 31. The company projects 31% year-on-year revenue growth to $669 million and a 59% increase in adjusted EBITDA to $136 million. Looking ahead to 2026, Genius forecasts group revenue of $810–$820 million and adjusted EBITDA of $180–$190 million.
Deutsche Bank and Goldman Sachs served as financial advisors to Genius Sports and have agreed to provide financing. Macfarlanes acted as Genius’ legal adviser. Legend was advised by Oakvale Capital and The Raine Group, with legal counsel provided by Latham & Watkins and Herzog Fox & Neeman.
The Malta-based performance marketing company, Catena Media, has purchased BrokerDeal.de for $4.4 million in an effort to expand into the German affiliate market.The deal...
