Genius Sports has announced a definitive agreement to acquire Legend, a global digital sports and gaming media network.. This acquisition is expected to enhance Genius Sports’ financial performance and expand its media and betting partner ecosystem.
The acquisition of Legend by Genius Sports is valued at $1.2bn, with $900m payable at closing and an additional earnout of up to $300m.
This strategic move is anticipated to immediately improve Genius Sports’ Group Adjusted EBITDA margins and free cash flow conversion. The acquisition aims to maintain a minimum of 20% group revenue CAGR through 2028, positioning Genius Sports to achieve around $1.1bn in group revenue and $320-330m in group adjusted EBITDA by 2026.
Legend operates a scaled media network that monetizes sports audiences using marketing technology and syndicates sports and betting content across well-known publications such as Sports Illustrated and Yahoo Sports. The network’s technology connects sports fans with relevant sportsbooks and gaming products, capturing their attention during crucial moments of engagement.
In 2025, Legend reported 320m annual visits from 118m unique visitors, with a significant portion of them returning regularly. The acquisition will integrate this large and engaged audience into Genius Sports’ media ecosystem, providing predictable revenue streams.
Through its sports fan activation platform, FANHub, Genius Sports plans to link this global audience with its extensive network of over 2,000 sports, media and betting partners. This integrated platform aims to enhance fan monetization and create a comprehensive sports and gaming media network.
Mark Locke, Genius Sports CEO, says: “This deal accelerates our strategic and financial objectives, supercharges fan monetization and builds a fully integrated sports and gaming media network.”
He emphasises that the acquisition will deliver more data, audience and inventory, driving higher margins and stronger free cash flow.
Nick Kisberg, Founder of Legend, adds: “Joining forces with Genius Sports brings together two world-class teams, unlocks unparalleled growth opportunities for our partners and products.”
The acquisition is expected to close in the second quarter of 2026, subject to customary conditions, with financial advisory support from Deutsche Bank Securities Inc. and Goldman Sachs & Co, LLC, among others. 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.
Genius Sports has also shared its preliminary financial estimates for 2025, projecting group revenue of $669m and group adjusted EBITDA of $136m. These figures reflect substantial year-on-year growth, underscoring the company’s strong performance and growth trajectory.
