Genius Sports to acquire Legend in $1.2 billion deal

• Genius Sports has entered a definitive agreement to acquire Legend, a global digital sports and gaming media network, in a transaction valued at up to $1.2 billion.
• The deal includes $900 million payable at closing ($800 million cash, $100 million stock) and an earnout of up to $300 million over two years.
• The acquisition is expected to close in the second quarter of 2026, subject to customary closing conditions.

Genius Sports has announced a definitive agreement to acquire Legend, a global digital sports and gaming media network, in a transaction valued at up to $1.2 billion.

The deal marks a strategic expansion that positions Genius Sports as the only company operating two synergistic businesses across official sports data, media and advertising.

The acquisition will bring Legend’s scaled media platform and world-class marketing technology into Genius Sports’ ecosystem. Legend monetises sports audiences through owned and operated digital properties and syndicates sports and betting content to major publications, including Sports Illustrated and Yahoo Sports.

Financial structure and performance impact

The upfront consideration comprises $900 million at closing, consisting of $800 million in cash and $100 million in stock. An additional earnout of up to $300 million is split evenly across two years post-closing, tied to the achievement of certain profitability and cash flow thresholds. The earnout is payable in cash or stock at Genius Sports’ election, subject to customary conditions.

Genius Sports expects to fund the acquisition with an $850 million Term Loan B issuance, keeping its revolving credit facility undrawn. Pro forma leverage is expected to be below 3.0x, with the company anticipating rapid deleveraging by more than half by 2028.

The transaction is expected to be immediately accretive to Group Adjusted EBITDA margins and Free Cash Flow conversion. On a 2026 annualised pro forma basis, the combination is expected to position Genius Sports to achieve approximately $1.1 billion in Group Revenue, $320-330 million in Group Adjusted EBITDA, with approximately 50% Free Cash Flow conversion.

Legend’s audience and technology platform

In 2025, Legend generated 320 million annual visits from 118 million unique visitors, with more than two-thirds returning regularly. The platform’s technology connects sports fans researching teams, players, odds or scores with relevant sportsbooks, gaming products and advertisers in moments they are most likely to act.

Mark Locke, CEO of Genius Sports, stated:

“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,” Locke commented.

“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.”

Through FANHub, described by the company as the world’s first sports fan activation platform, Genius Sports expects to connect Legend’s global audience and marketing technology with its full range of over 2,000 combined sports, media and betting partners via one integrated platform.

Nick Kisberg, Founder of Legend, commented:

“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.”

What’s next

The combination is expected to create a unique structural position for Genius Sports as the only company operating integrated businesses across official sports data and media and advertising.

This vertical integration would enable the company to control multiple touchpoints across the sports fan journey, from data provision to content consumption and betting engagement.

Legend’s syndication capabilities to major publications are expected to extend Genius Sports’ reach beyond owned properties. The acquisition would provide access to established distribution channels and audience relationships that complement Genius Sports’ existing partnerships with sports leagues and betting operators.