Genius Sports Buys Gambling Media Company Legend in $1.2 Billion Deal

Genius Sports has agreed to buy Legend, a digital sports and gambling media company, in a $1.2 billion transaction. Genius stock (NYSE: GENI) fell sharply after the market opened Thursday, falling 20% to $6.76 a share. Genius is paying $900 million up front, which includes $800 million in cash and $100 million in stock. The deal also includes an earnout of up to $300 million that will be split across two years once the transaction is completed. The transaction, the largest acquisition in Genius Sports’ hi ...