DraftKings merging with FanDuel
Courtesy DraftKings
Boston-based DraftKings is merging with FanDuel, creating a new fantasy sports company that will have headquarters in both Boston and New York, and plans to reach more sports fans who have not yet used their wagering platforms.
Both companies are keeping their names for the foreseeable future, according to a source close to the companies.
The companies announced their merger Friday, saying they hoped the combined company would develop new products, benefit its media and advertising partners, and "help the combined company accelerate its path to profitability."
Company officials also said they hoped the companies could hasten work with government officials on a "standard regulatory framework" that could provide more stability to the industry and help it reach more of the estimated 228 million fans of major sports in the U.S. -- the companies say there are 57 million fantasy players.
DraftKings CEO Jason Robbins will become CEO of the company and FanDuel CEO Nigel Eccles will become chairman of the board. The board will have three directors each from DraftKings and FanDuel and one independent director. DraftKings was founded in 2012 by Robbins, Matt Kalish and Paul Liberman. FanDuel was founded in 2009.
Financial terms of the merger were not disclosed. Officials expect the deal to close in 2017.
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