Stock of Genius Sports Limited (GENI) is falling roughly 25 percent on Thursday morning trading following an announcement to acquire Legend, a digital sports and gaming media network, in a transaction valued at up to $1.2 billion.
The company's stock is currently trading at $6.36, down 25.53 percent or $2.16, over the previous close of $8.55 on the New York Stock Exchange. It has traded between $6.37 and $13.73 in the past one year.
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.
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