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DraftKings And FanDuel Give Up On Merger

DraftKings-FanDuel-Merger-071417-lt.jpg

DraftKings and FanDuel, the two leading daily fantasy sports companies, have backed out of their proposed merger.

The companies made the decision to drop out their merger plans a month after federal regulators announced that they would block the deal.

In June, the Federal Trade Commission along with the attorneys general from California and D.C. said that they would oppose the merger as it would lead to an unfair advantage in the daily fantasy sports industry with both the companies controlling over 90 percent of the market share.

"FanDuel decided to merge with DraftKings last November, because we believed that this deal would have increased investment in growth and product development thereby benefiting consumers and the greater sports entertainment industry," FanDuel chief executive Nigel Eccles said in a statement Thursday. "While our opinion has not changed, we have determined that it is in the best interest of our shareholders, customers, employees, and partners to terminate the merger agreement and move forward as an independent company."

by RTT Staff Writer

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