Genius Sports is making its boldest move yet to control not just sports data—but the audience attention that turns data into dollars. The company announced a definitive agreement to acquire Legend, a global digital sports and gaming media network, in a deal valued at up to $1.2 billion, combining cash, stock, and performance-based earnouts.

The acquisition marks a strategic pivot for Genius Sports: from a data and technology provider powering sportsbooks and leagues, to a fully integrated sports and gaming media network designed to monetize fan attention at scale.

If completed as planned in Q2 2026, the deal would dramatically reshape Genius Sports’ position in the sports betting, media, and advertising ecosystem—while signaling a broader industry shift toward owning the entire fan monetization funnel.

The Deal, by the Numbers

Under the agreement, Genius Sports will pay:

• $900 million at closing

  • $800 million in cash

  • $100 million in stock

• Up to $300 million in earnouts, split over two years post-close

The earnout is tied to profitability and free cash flow milestones, payable in cash or stock at Genius Sports’ discretion.

To fund the acquisition, Genius Sports plans to issue $850 million in Term Loan B financing, while keeping its revolving credit facility undrawn. Pro forma leverage is expected to remain below 3.0x, with management projecting rapid deleveraging—by more than half—by 2028.

Why Legend Changes the Game

Legend isn’t just another media property. It operates a scaled digital sports and gaming media network built explicitly to monetize moments of high fan intent—when users are researching teams, players, odds, or scores and are primed to act.

Its model blends:

• Owned and operated digital properties

• Syndicated sports and betting content across major publishers like Sports Illustrated and Yahoo Sports

• Proprietary marketing technology optimized for performance-driven fan engagement

In 2025 alone, Legend generated:

• 320 million annual visits

• 118 million unique visitors

• More than two-thirds returning regularly, a key signal of audience quality

For Genius Sports, this delivers something it previously lacked at scale: direct, predictable, audience-driven media revenue, rather than revenue tied primarily to data licensing and partner activity.

From Data Provider to Media Operator

Genius Sports has long been a backbone of the sports betting ecosystem, supplying official data, integrity services, and technology to leagues, sportsbooks, and media companies. What it hasn’t owned—until now—is the fan relationship itself.

The Legend acquisition fills that gap.

By integrating Legend’s media network into FANHub, Genius Sports’ fan activation platform, the company plans to connect:

• A massive global sports audience

• World-class marketing technology

• More than 2,000 combined sports, media, and betting partners

All through a single, unified platform.

“For Genius Sports and our global partners, it delivers more data, more audience, more inventory and greater monetization of sports fans,” said Mark Locke, CEO of Genius Sports.

In practical terms, this means Genius Sports can now influence the entire value chain—from fan discovery and engagement, to betting conversion, advertising, and long-term monetization.

Financial Impact: Immediate and Long-Term

Genius Sports expects the transaction to be immediately accretive to both Adjusted EBITDA margins and Free Cash Flow conversion, while maintaining at least 20% Group Revenue CAGR through 2028.

On a 2026 annualized pro forma basis, the combined company is targeting:

• ~$1.1 billion in Group Revenue

• $320–330 million in Group Adjusted EBITDA

• ~50% Free Cash Flow conversion

Looking further ahead, the company raised its 2028 performance targets following the acquisition:

• $1.6 billion in Group Revenue

• ~35% Adjusted EBITDA margin

• At least 60% Free Cash Flow conversion

Those are aggressive benchmarks—and they underscore management’s confidence that media-led monetization will scale faster and more profitably than data licensing alone.

A Strong Standalone Business—Before the Deal

Notably, this acquisition comes as Genius Sports is already firing on all cylinders.

Preliminary, unaudited 2025 results show:

• $669 million in Group Revenue, up 31% year-over-year

• $136 million in Adjusted EBITDA, up 59%

• 20% EBITDA margin

• $281 million in cash and equivalents

On a standalone basis, Genius Sports expects 2026 revenue of $810–820 million and Adjusted EBITDA of $180–190 million, implying margin expansion to roughly 23%.

In other words, this isn’t a company buying growth to cover weakness—it’s buying scale to accelerate momentum.

Industry Implications: Attention Is the New Moat

The Genius–Legend deal reflects a broader transformation underway in sports, betting, and media: attention has become the scarcest and most valuable asset.

As customer acquisition costs rise and regulatory pressure tightens, sportsbooks and advertisers are prioritizing owned audiences and performance-based media over broad-reach branding. Companies that control both fan data and fan attention are best positioned to win.

Legend’s model—connecting high-intent fans to relevant betting and gaming offers at precisely the right moment—fits squarely into that shift.

By bringing that capability in-house, Genius Sports reduces reliance on third-party platforms and strengthens its role as a strategic partner, not just a vendor.

What Comes Next

The transaction is expected to close in Q2 2026, subject to customary conditions. Until then, investors and partners will be watching closely to see how quickly Genius Sports can integrate Legend’s media operations and technology into its broader platform.

If execution matches ambition, the deal could mark a turning point—not just for Genius Sports, but for how sports data companies think about growth in an attention-driven economy.

As Nick Kisberg, Founder of Legend, put it: “Joining forces with Genius Sports brings together two world-class teams and unlocks unparalleled growth opportunities.”

The bet is clear. The question now is how big the upside becomes when data, media, and monetization finally live under one roof.

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