Genius Sports to acquire Legend in transaction valued at up to $1.2B

As reported earlier, Genius Sports (GENI) announced it has entered into a definitive agreement to acquire Legend, a global, digital sports and gaming media network built to monetize attention, in a transaction valued at up to $1.2B, including $900M payable at closing and an earnout of up to $300M. For Genius Sports, the transaction is expected to be immediately accretive to Group adjusted EBITDA margins and free cash flow conversion while maintaining at least 20% Group revenue CAGR through 2028, the company stated. On a 2026 annualized pro forma basis, after giving effect to the acquisition, the combination is expected to position the company to achieve approximately $1.1B in Group revenue, $320M-330M in Group adjusted EBITDA with approximately 50% free cash flow conversion, Genius stated. The proposed acquisition is expected to close in the second quarter of 2026, subject to customary closing conditions.