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DraftKings and FanDuel, the two dominant players in the daily fantasy sports industry, are finalizing terms of a merger, multiple sources with knowledge of the discussions told ESPN on Friday.
The long-rumored deal was described as "imminent" and could be announced as early as next week, after details are finalized.
Prior media reports in recent weeks said the companies' merger was imminent, but sources told ESPN that the companies' financial settlements
this week with the New York attorney general's office
were a key obstacle that needed to be cleared. The sources said some of the major merger details discussed this week included the newly
joined company's executive leadership, the name of the company, whether one site or two will be used, and where the company headquarters will be located.
FanDuel has offices in New York and Scotland, and DraftKings is based in Boston.
One highly placed source told ESPN that the recent merger discussions called for the two rivals to share roughly equally the revenue and expenses of the newly tied-in company.
"As we have stated previously, a potential combination would be interesting to consider," a DraftKings spokesperson told ESPN.
"However, as a matter of policy, we don't comment on rumors or speculation, and there can be no assurances at this time that any
discussion about a combination would result in an agreement or merger."
SOURCE
The long-rumored deal was described as "imminent" and could be announced as early as next week, after details are finalized.
Prior media reports in recent weeks said the companies' merger was imminent, but sources told ESPN that the companies' financial settlements
this week with the New York attorney general's office
were a key obstacle that needed to be cleared. The sources said some of the major merger details discussed this week included the newly
joined company's executive leadership, the name of the company, whether one site or two will be used, and where the company headquarters will be located.
FanDuel has offices in New York and Scotland, and DraftKings is based in Boston.
One highly placed source told ESPN that the recent merger discussions called for the two rivals to share roughly equally the revenue and expenses of the newly tied-in company.
"As we have stated previously, a potential combination would be interesting to consider," a DraftKings spokesperson told ESPN.
"However, as a matter of policy, we don't comment on rumors or speculation, and there can be no assurances at this time that any
discussion about a combination would result in an agreement or merger."
SOURCE