In an effort to improve its position as an integral service provider, Genius Sports has announced the appointment of Tony Marlow as chief marketing officer (CMO).Marlow...
Genius Sports announces $1.2B 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.
Deutsche Bank and Goldman Sachs served as financial advisors to Genius Sports and have agreed to provide financing. Macfarlanes acted as Genius’s legal adviser. Legend was advised by Oakvale Capital and The Raine Group, with legal counsel provided by Latham & Watkins and Herzog Fox & Neeman.
Mark Locke, CEO of Genius Sports, commented on the news:
“This deal accelerates our strategic and financial objectives, supercharges fan monetization, and builds a fully integrated sports and gaming media network. For Genius Sports and our global partners, it delivers more data, more audience, more inventory, and greater monetization of sports fans. The acquisition of Legend will drive higher margins and stronger free cash flow, positioning Genius Sports to immediately transform the market and grow the size and scale of our business.”
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.
Nick Kisberg, Founder of Legend, said:
“Joining forces with Genius Sports brings together two world-class teams, unlocks unparalleled growth opportunities for our partners and products, and gives us an even stronger platform to scale. I am immensely proud of what we have built and the decades of hard work that have brought us here today.”
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, 2025. 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.
The market cap of the technology group Genius Sports has been dropping for the past few weeks and has now fallen below the price it paid to acquire digital sports and gaming...
