Genius Sports Agrees $1.2bn Media Deal To Acquire Legend

Genius Sports has agreed to acquire sports media business Legend in a transaction worth up to $1.2bn. The deal includes $900m payable at closing, made up of $800m in cash and $100m in stock, with a $300m earnout split equally across the next two years.

According to industry sources, Legend employees have been informed of the transaction, with a company-wide call scheduled to address the integration plans and future strategy.

Building a combined data and media ecosystem

Legend operates a scaled media platform that combines marketing technology with owned and operated digital properties. They also distribute sports and betting content through major publishers such as Sports Illustrated and Yahoo Sports. Genius Sports believes the acquisition positions it as the only company operating official sports data alongside a media and advertising network.

Mark Locke, chief executive officer of Genius Sports, said: “This deal accelerates our strategic and financial objectives, supercharges fan monetisation, and builds a fully integrated sports and gaming media network.

“For Genius Sports and our global partners, it delivers more data, more audience, more inventory and greater monetisation 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.”

Legend reported 320 million annual visits in 2025 from 118 million unique users, with more than two thirds returning regularly.

Financial outlook strengthens following acquisition

Genius Sports expects the transaction to immediately improve adjusted EBITDA margins and free cash flow conversion while maintaining a group revenue compound annual growth rate of at least 20% through 2028. On a 2026 pro forma basis, the combined business is projected to generate around $1.1bn in revenue and between $320m and $330m in adjusted EBITDA.

Aside from the acquisition news, Genius released preliminary 2025 financial results showing group revenue of $669m, up 31% year-on-year, and adjusted EBITDA of $136m, representing 59% growth. The company ended the year with $281m in cash and expects standalone 2026 revenue to reach between $810m and $820m.

Integration plans and long term growth targets

Founder of Legend, Nick Kisberg, said: “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. I am immensely proud of what we have built and the decades of hard work that have brought us here today.”

Through its FANHub activation platform, Genius plans to connect Legend’s audience and marketing technology with over 2,000 existing sports, media and betting partners on a single platform. The acquisition is expected to close in the second quarter of 2026, funded with an $850m loan. Genius predicts its leverage to fall below 3.0x, with rapid de-leveraging of above half by 2028. This will be driven by an upward growth trajectory.