Planned Merger Between DraftKings, FanDuel Is Off
"The planned merger between daily fantasy leading operators DraftKings and FanDuel is off," confirms ESPN (July 13, Purdum). Thursday's announcement marked an abrupt end to a deal that many regarded as the best path forward for both companies. However, it was also one that drew federal scrutiny and raised anti-trust concerns. Late last year, DraftKings and FanDuel agreed to merge after several years of heated competition. The FTC reviewed the proposed deal and, last month, along with attorneys general from California and the nation's capital, filed suit to block the merger over competition concerns. "Combined, DraftKings and FanDuel are believed to represent better than 90 percent of the daily fantasy market," calculates ESPN.
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