Genius Sports Limited has entered into a definitive agreement to acquire Legend, a global digital sports and gaming media network, in a transaction valued at up to $1.2 billion, a move anticipated to immediately enhance Genius Sports’ Group Adjusted EBITDA margins and Free Cash Flow conversion while maintaining a minimum 20% Group Revenue CAGR through 2028.
Legend operates a scaled media network designed to monetize sports audiences through world-class marketing technology across its owned and operated digital properties. The company also syndicates sports and betting content to major publications such as Sports Illustrated and Yahoo Sports, connecting fans researching teams, players, odds, or scores with relevant sportsbooks, gaming products, and advertisers.
In 2025, Legend recorded 320 million annual visits from 118 million unique visitors, with more than two-thirds of these users returning regularly. This acquisition is expected to integrate a large, highly engaged sports and gaming audience, along with predictable revenue streams, into Genius Sports’ existing media ecosystem.
Through FANHub, Genius Sports’ sports fan activation platform, the combined entity aims to connect this global audience and marketing technology with its network of over 2,000 sports, media, and betting partners via one integrated platform.
Mark Locke, CEO of Genius Sports, stated that the deal “accelerates our strategic and financial objectives, supercharges fan monetization, and builds a fully integrated sports and gaming media network.” He added that for Genius Sports and its global partners, the acquisition “delivers more data, more audience, more inventory and greater monetization of sports fans,” driving “higher margins and stronger free cash flow.”
Nick Kisberg, Founder of Legend, commented that “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.”
Genius Sports reported preliminary unaudited estimates for the fiscal year ended December 31, 2025, including Group Revenue of $669 million, representing 31% year-on-year growth, and Group Adjusted EBITDA of $136 million, reflecting 59% year-on-year growth. The Group Adjusted EBITDA margin was 20%, with cash and cash equivalents totaling $281 million.
On a standalone basis, Genius Sports anticipates generating Group Revenue of approximately $810-820 million and Group Adjusted EBITDA of approximately $180-190 million in 2026. At the midpoint, this represents Group Revenue and Group Adjusted EBITDA growth of 22% and 36%, respectively, with a Group Adjusted EBITDA margin of 23%.
Following the acquisition and integration of Legend, Genius Sports projects higher performance benchmarks for 2028, with Group Revenue expected to reach $1.6 billion, representing an approximate 21% CAGR from 2026 to 2028. The company also forecasts a Group Adjusted EBITDA margin of approximately 35% and Free Cash Flow conversion of at least 60%. On a 2026 annualized pro forma basis, the combined company is expected to achieve approximately $1.1 billion in Group Revenue, $320-330 million in Group Adjusted EBITDA, and approximately 50% Free Cash Flow conversion.
The transaction’s upfront consideration amounts to $900 million at closing, comprising $800 million in cash and $100 million in stock. An additional earnout of up to $300 million is structured, split evenly across two years post-closing, contingent on achieving certain profitability and cash flow thresholds. This earnout is payable in cash or stock, at Genius Sports’ discretion.
Genius Sports plans to fund the acquisition with an $850 million Term Loan B issuance, while its revolving credit facility is expected to remain undrawn. Pro forma leverage is projected to be below 3.0x, with the company anticipating to rapidly delever by more than half by 2028. The proposed acquisition is expected to close in the second quarter of 2026, subject to customary closing conditions.
Deutsche Bank Securities Inc. and Goldman Sachs & Co, LLC, are serving as financial advisors to Genius Sports, with Macfarlanes LLP and Kirkland & Ellis LLP as legal counsel. Oakvale Capital LLP and The Raine Group are financial advisors to Legend, and Latham & Watkins LLP and Herzog Fox & Neeman are serving as legal counsel.
Genius Sports is a global data, technology, and broadcast partner for the sports, betting, and media ecosystem, with technology used in over 150 countries. It partners with over 1,000 sports organizations, including the NFL, English Premier League, NCAA, DraftKings, FanDuel, and bet365, utilizing AI, computer vision, and big data to enhance fan experiences.
Legend, founded over 20 years ago, specializes in player experience, employing a marketing and data-powered engine for over 25 brands in sports and gaming. With a team of more than 800 people, Legend focuses on making player interactions smarter, faster, and more engaging on a global scale.
