It’s been rumored for quite a while, but now the DraftKings/FanDuel merger is actually happening.
The two companies announced the news on Friday morning.
“We have always been passionate about providing the best possible experience for our customers and this merger will help advance our goal of building a transformational global sports entertainment platform,” DraftKings CEO Jason Robins said in a prepared statement.
Robins will serve as CEO of the new company and FanDuel CEO Nigel Eccles will be named chairman.
The two companies say that the merger “will allow for further growth and innovation in the fantasy sports industry at large.”
The transaction should be finalized some time in 2017.
UPDATE: The merger has officially been announced.
Original story below…
DraftDuel? FanKings? After months of speculation, the nation’s two largest, one-day fantasy sports companies may finally be close to agreeing to a merger.
ESPN is reporting that a merger between the two is “imminent.”
Make no mistake, this would be kind of a big deal…akin to the days when Sirius merged with XM. This has to make one wonder if it would even clear the necessary regulatory hurdles.
It’s been well-documented that the two companies’ CEOs don’t really get along that well, although the relationship seems to have improved in recent months.
Both companies have also been facing financial struggles lately, with FanDuel laying off about 60 people and both companies rumored to be months behind on their bills, according to ESPN.
Perhaps this merger would be just what the doctor ordered.
Will it really happen? We’ll know soon enough.