Genius Sports to acquire Legend in a blockbuster transaction valued at up to $1.2 billion, a move that signals a seismic shift in the global sports and gaming media landscape.
The New York-listed sports data and technology company (NYSE: GENI) said it has signed a definitive agreement to purchase Legend, a global digital sports and gaming media network built to turn audience attention into revenue. The deal includes $900 million payable at closing and a potential earnout of up to $300 million.
If sports media is a high-speed racetrack, Genius Sports is adding a turbocharger.
Deal Structure and Financial Muscle
The upfront consideration totals $900 million, made up of $800 million in cash and $100 million in Genius Sports stock. An additional earnout of as much as $300 million — split evenly across two years following closing — is tied to profitability and cash flow targets. That earnout can be paid in cash or shares, at Genius’ discretion, subject to customary conditions.
To finance the transaction, Genius Sports plans to issue an $850 million Term Loan B at closing, leaving its revolving credit facility untouched. Pro forma leverage is expected to remain below 3.0x, with the company projecting it will cut leverage by more than half by 2028, fueled by what it describes as strong and visible growth.
The acquisition is expected to close in the second quarter of 2026, pending regulatory approvals and standard closing conditions.
Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC are advising Genius Sports and providing committed financing. Legal counsel includes Macfarlanes LLP and Kirkland & Ellis LLP.
Legend is being advised by Oakvale Capital LLP and The Raine Group, with Latham & Watkins LLP and Herzog Fox & Neeman serving as legal counsel.
