GENIUS SPORTS LIMITED has announced a definitive agreement to acquire Legend, a global digital sports and gaming media network, in a transaction valued at up to $1.2 billion. The deal includes $900 million payable at closing and an earnout of up to $300 million.
For Genius Sports, the acquisition 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. On a 2026 annualised pro forma basis, and after accounting for the acquisition, the combined entity is projected to generate approximately $1.1 billion in group revenue and $320-330 million in group adjusted EBITDA, with around 50% free cash flow conversion.
Legend monetises sports audiences through a scaled media network, supported by marketing technology across its owned and operated digital properties. It also syndicates sports and betting content across major publications, including Sports Illustrated and Yahoo Sports.
When fans are actively researching teams, players, odds or scores, Legend’s technology connects them with relevant sportsbooks, gaming products and advertisers at moments when they are most likely to engage.
In 2025, Legend generated 320 million annual visits from 118 million unique users, with more than two-thirds returning regularly. The acquisition will bring a large, highly engaged sports and gaming audience into Genius Sports’ media ecosystem, along with more predictable revenue streams.
Through its FANHub sports fan activation platform, Genius Sports plans to connect this global audience and marketing technology with its network of more than 2,000 combined sports, media and betting partners via a single integrated platform.
Genius Sports CEO Mark Locke said, “This deal accelerates our strategic and financial objectives, supercharges fan monetization, and builds a fully integrated sports and gaming media network. For Genius Sports and our global partners, it delivers more data, more audience, more inventory and greater monetization of sports fans. The acquisition of Legend will drive higher margins and stronger free cash flow, positioning Genius Sports to immediately transform the market and grow the size and scale of our business.”
Legend founder Nick Kisberg added, “Joining forces with Genius Sports brings together two world-class teams, unlocks unparalleled growth opportunities for our partners and products, and gives us an even stronger platform to scale. I am immensely proud of what we have built and the decades of hard work that have brought us here today.”
