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DraftKings, FanDuel Jettison Merger Plans, Back Away From FTC Challenge



Joint rulers for the day-to-day fantasy recreations (DFS) market DraftKings and FanDuel have actually walked away from a proposed merger of equals, less than a month after the Federal Trade Commission (FTC) moved to block the offer on grounds of antitrust ‘fair competition’ problems.

The deal’s off: DraftKing’s Jason Robins (left) and FanDuel’s Nigel Eccles announced on Thursday that their organizations would be going it alone, calling down a prospective FTC fight in the grounds of antitrust violations. (Image: Reuters)

The 2 companies announced the termination of the tie-up on Thursday, just days after they’d each filed legal briefs to a district that is federal, vigorously protecting the merger.

But with both companies already fighting legal actions on several fronts, it appeared to be another high priced and possibly doomed battle that is legal ahead. A source told ESPN that accepting the FTC would cost some $ likely12 to $15 million.

Money Worries

Ironically, consolidation would have dramatically cut the amount of legal and costs that are lobbying two companies spend fighting for legal DFS in states across the US. It might additionally take away the costs associated with trying to out-market the other person.

The failure of the deal leaves both in precarious financial positions, as neither has ever been profitable. Documents related to the merger leaked final thirty days revealed that DraftKings h 続きを読む