Genius Sports to Acquire Legend in $1.2 Billion

Genius Sports Limited has revealed an agreement to acquire Legend, a global digital sports and gaming media network, in a transaction valued at up to USD1.2 billion (AUD1.7 billion).

The deal includes USD900 million (AUD1.3 billion) payable at closing, comprising USD800 million (AUD1.1 billion) in cash and USD100 million (AUD144 million) in stock, with an additional performance-based earnout of up to USD300 million (AUD433 million) over the next two years.

The reason behind the acquisition is the creation of a fully integrated sports data and media ecosystem.

By combining Genius Sports’ official data rights (including the NFL and English Premier League) with Legend’s massive audience reach, which saw 320 million visits from 118 million unique visitors in 2025, the organisation aims to “supercharge” fan monetisation.

The acquisiton allows Genius to detect when fans are researching odds or scores across Legend’s network (which includes brands like Covers and Casino.org) and immediately connect them with relevant sportsbooks and advertisers via its FANHub activation platform.

Commenting on the acquisition, CEO of Genius Sports, Mark Locke, said: “This deal accelerates our strategic and financial objectives, supercharges fan monetization, and builds a fully integrated sports and gaming media network.”

“The acquisition of Legend will drive higher margins and stronger free cash flow, positioning Genius Sports to immediately transform the market,” Locke said.

Financial Outlook

The transaction is expected to be immediately accretive to margins and cash flow, with the following 2026 projections:

• Combined Revenue: Expected to reach approximately  USD1.1 billion (AUD1.5 billion) on an annualised pro forma basis.

• EBITDA Growth: Post-acquisition Group Adjusted EBITDA is targeted at USD320–USD330 million, representing a significant jump from standalone estimates.

• 2028 Targets: Genius has set a high-performance benchmark for 2028, targeting USD1.6 billion (AUD2.3 billion) in revenue and an Adjusted EBITDA margin of approximately 35%.

• Financing: The upfront USD900 million (AUD1.3 billion) will be funded via an USD850 million (AUD1.2 billion) Term Loan B issuance, with the company aiming to deleverage by more than half by 2028.

Preliminary FY2025 Results

Alongside the acquisition, Genius Sports released its preliminary, unaudited results for the fiscal year ended 31 December 2025:

• Group Revenue: USD669 million (AUD967 million), reflecting a 31% year-on-year increase.

• Adjusted EBITDA: USD136 million (AUD196 million), a 59% increase compared to 2024.

• Cash Position: The company ended the year with USD281 million (406 million) in cash and cash equivalents.

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