Genius Sports Ltd. (GENI), a sports data and technology company, on Thursday announced a definitive agreement to acquire Legend, a digital sports and gaming media network, in a transaction valued at up to $1.2 billion.
The deal is expected to close in the second quarter of 2026.
Genius Sports plans to finance the acquisition primarily through an $850 million term loan, with pro forma leverage expected to be below 3.0x.
Under the agreement, Genius Sports will pay $900 million at closing, comprising $800 million in cash and $100 million in stock, with an additional earnout of up to $300 million payable over two years based on profitability and cash flow targets.
The company said the acquisition is expected to be immediately accretive to adjusted EBITDA margins and free cash flow, while supporting at least 20% group revenue compound annual growth through 2028.
On a 2026 annualized pro forma basis, the combined business is expected to generate about $1.1 billion in revenue and $320 million to $330 million in adjusted EBITDA, with roughly 50% free cash flow conversion.
Legend operates a scaled sports and gaming media network that monetizes sports audiences through owned and operated digital properties and syndicated content partnerships with publishers such as Sports Illustrated and Yahoo Sports.
Genius Sports said the acquisition will expand its media ecosystem and integrate Legend's audience and marketing technology with its FANHub platform, connecting more than 2,000 sports, media, and betting partners.
Separately, Genius Sports reported preliminary unaudited results for 2025, with revenue of $669 million, adjusted EBITDA of $136 million, and cash and cash equivalents of $281 million.
For 2026 on a standalone basis, the company expects revenue of $810 million to $820 million and adjusted EBITDA of $180 million to $190 million.
In the pre-market trading, Genius Sports is 3.16% higher at $8.82 on the New York Stock Exchange.
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