Genius Sports set to acquire Legend Media Network
Genius Sports has agreed to acquire Legend, a global digital sports and gaming media network, in a transaction valued at up to $1.2 billion. The deal is intended to significantly expand Genius Sports’ media and advertising capabilities by bringing a large, highly engaged sports audience into its ecosystem.
The agreement includes $900 million payable at closing and an earnout of up to $300 million tied to future profitability and cash flow targets. Genius Sports expects the acquisition to be immediately accretive to Group Adjusted EBITDA margins and free cash flow, while supporting at least 20 percent compound annual revenue growth through 2028.
On a 2026 annualized pro forma basis, the combined business is expected to generate around $1.1 billion in Group Revenue and $320 to $330 million in Group Adjusted EBITDA, with free cash flow conversion of around 50 percent. Genius Sports positions the transaction as a step toward building a fully integrated sports and gaming media network at global scale.
Mark Locke, chief executive officer, Genius Sports: "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 operates a scaled media network supported by proprietary marketing technology across owned and operated digital properties. The company also syndicates sports and betting content across established publishers including Sports Illustrated and Yahoo Sports, enabling it to reach audiences during high-intent moments such as researching teams, players, odds, and scores.
In 2025, Legend recorded 320 million annual visits from 118 million unique visitors, with more than two thirds returning regularly. Genius Sports expects this predictable and recurring audience engagement to strengthen its media revenues and advertising inventory.
Through its FANHub platform, Genius Sports plans to connect Legend’s audience and technology with more than 2,000 sports, media, and betting partners via a single integrated system. The platform is designed to activate sports fans across multiple channels and formats while improving monetization efficiency for partners.
Nick Kisberg, founder, Legend: "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."
Alongside the acquisition announcement, Genius Sports released preliminary unaudited results for the fiscal year ended December 31, 2025. The company reported Group Revenue of $669 million, representing 31 percent year-on-year growth, and Group Adjusted EBITDA of $136 million, up 59 percent year on year, with a margin of 20 percent. Cash and cash equivalents stood at $281 million at year end.
On a standalone basis, Genius Sports expects Group Revenue of approximately $810 to $820 million in 2026, with Group Adjusted EBITDA of around $180 to $190 million. At the midpoint, this implies revenue growth of 22 percent and EBITDA growth of 36 percent, with a margin of around 23 percent.
Looking further ahead, the integration of Legend supports higher medium-term targets. By 2028, Genius Sports forecasts Group Revenue of $1.6 billion, representing around 21 percent compound annual growth from 2026, a Group Adjusted EBITDA margin of approximately 35 percent, and free cash flow conversion of at least 60 percent.
The upfront consideration will be funded through a combination of $800 million in cash and $100 million in stock. Genius Sports plans to finance the cash portion primarily through an $850 million Term Loan B, while leaving its revolving credit facility undrawn. Pro forma leverage is expected to remain below 3.0x, with plans to reduce leverage by more than half by 2028.
The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions. Deutsche Bank Securities and Goldman Sachs are acting as financial advisors to Genius Sports, with Macfarlanes and Kirkland & Ellis serving as legal counsel. Oakvale Capital and The Raine Group are advising Legend, with legal counsel provided by Latham & Watkins and Herzog Fox & Neeman.
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