The decision ends the lawsuit over the valuation of FanDuel, one of the leading U.S. sports betting platforms alongside services from DraftKings, Caesars and MGM.
Fox has a 10-year option to acquire the stake, which runs through December 2030. The arbitrator ruled that there would be a 5% annual escalator on its purchase price, meaning the current price of a deal would be $4.1 billion.
Fox said, as part of the arbitration ruling, Flutter cannot pursue an IPO for FanDuel without Fox's consent or approval from the arbitrator. However, Flutter disputed that claim and later told CNBC in a statement that Fox does not have a block on any potential IPO of FanDuel, should one occur., taking advantage of the booming sports betting market.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fox Will Need to Pay $3.7B If It Keeps Pursuing FanDuel Stake, Arbitrator RulesFlutter cannot pursue an initial public offering for FanDuel without Fox's consent or approval from the arbitrator. Fox said in a statement it's 'pleased with the fair and favorable outcome' of the arbitration.
Read more »
Fox says arbitrator affirms its option to acquire stake in FanDuelAn arbitrator on Friday reaffirmed Fox Corp's right to acquire a nearly one-fifth stake in FanDuel, settling a longstanding dispute with the betting app's owner, Flutter Entertainment Plc .
Read more »
Why Daily Chocolate Could Save Your Brain From DeclineGood news for chocolate lovers — a daily dose of cocoa provides many benefits, including protecting the brain as we age
Read more »
Temple is favored to leave South Florida with its first conference win. Here’s why it won’t be easyDaily News | Temple is favored to leave South Florida with its first conference win. Here’s why it won’t be easy
Read more »