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February 5, 2026 – Genius Sports Limited (NYSE: GENI) (“Genius Sports”) today announced it has entered into a definitive agreement to acquire Legend, a global digital sports and gaming media network built to monetize attention. The transaction is valued at up to $1.2 billion, including $900 million payable at closing and an earnout of up to $300 million.
For Genius Sports, the transaction is expected to be immediately accretive to Group 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, after giving effect to the acquisition, the combined business is expected to generate approximately $1.1 billion in Group Revenue and $320–330 million in Group Adjusted EBITDA, with approximately 50% Free Cash Flow conversion.
Legend monetizes sports audiences through a scaled media network supported by marketing technology powering owned and operated digital properties. The company also syndicates sports and betting content across major publications, including Sports Illustrated and Yahoo Sports. Its technology connects sports fans researching teams, players, odds, or scores with relevant sportsbooks, gaming products, and advertisers at moments when engagement is highest.
In 2025, Legend generated 320 million annual visits from 118 million unique visitors, with more than two-thirds returning on a regular basis. The acquisition is expected to bring a large, highly engaged sports and gaming audience into Genius Sports’ media ecosystem, alongside predictable revenue.
Through FANHub, the world’s first sports fan activation platform, Genius Sports will connect this global audience and marketing technology with its full range of more than 2,000 combined sports, media, and betting partners via one integrated platform.
“This deal accelerates our strategic and financial objectives, supercharges fan monetization, and builds a fully integrated sports and gaming media network,”
said Mark Locke, CEO of Genius Sports.
“For Genius Sports and our global partners, it delivers more data, more audience, more inventory and greater monetization of sports fans. The acquisition of Legend will drive higher margins and stronger free cash flow, positioning Genius Sports to immediately transform the market and grow the size and scale of our business.”
“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,”
said Nick Kisberg, Founder of Legend.
“I am immensely proud of what we have built and the decades of hard work that have brought us here today.”
Preliminary Estimates of 2025 Financial Results and Updated Outlook
Genius Sports also reported preliminary unaudited estimates for the fiscal year ended December 31, 2025, subject to normal year-end adjustments. These include Group Revenue of $669 million, reflecting 31% year-on-year growth; Group Adjusted EBITDA of $136 million, reflecting 59% year-on-year growth; a Group Adjusted EBITDA margin of 20%; and cash and cash equivalents of $281 million.
On a standalone basis, Genius Sports expects to generate 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 growth of 22% and Group Adjusted EBITDA growth of 36%, with a margin of 23%.
Following the acquisition and integration of Legend, Genius Sports set updated performance benchmarks for 2028, including Group Revenue of $1.6 billion, representing approximately 21% CAGR from 2026 to 2028; a Group Adjusted EBITDA margin of approximately 35%; and Free Cash Flow conversion of at least 60%.
Transaction Details
The upfront consideration consists of $900 million at closing, comprising $800 million in cash and $100 million in stock, with an additional earnout of up to $300 million split evenly across two years post-closing. The earnout is tied to the achievement of certain profitability and cash flow thresholds and is payable in cash or stock at Genius Sports’ election, subject to customary conditions.
Genius Sports expects to fund the acquisition with an $850 million Term Loan B issuance, with its revolving credit facility remaining undrawn. Pro forma leverage is expected to be below 3.0x, with rapid deleveraging anticipated by 2028. The transaction 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 and are providing committed financing. Macfarlanes LLP and Kirkland & Ellis LLP are serving as legal counsel to Genius Sports.
Oakvale Capital LLP and The Raine Group are serving as financial advisors to Legend. Latham & Watkins LLP and Herzog Fox & Neeman are serving as legal counsel to Legend.
Webcast and Conference Call
Genius Sports management will host a conference call and webcast today at 8:00 a.m. ET to discuss the acquisition. The live webcast will be available on the Genius Sports Investor Relations website, with a replay accessible within 24 hours following the call.
