Genius Sports Limited (NYSE: GENI) has entered into 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, announced on February 5, 2026, marks a significant strategic step for Genius Sports as it expands beyond official sports data into a fully integrated media, advertising, and fan activation ecosystem.
Under the terms of the agreement, Genius Sports will pay $900 million at closing—comprised of $800 million in cash and $100 million in stock—along with a potential earnout of up to $300 million tied to profitability and cash flow targets over the two years following closing. The acquisition is expected to close in the second quarter of 2026, subject to customary regulatory and closing conditions.
Legend brings to the table a scaled and highly engaged media platform that monetizes sports fan attention through owned and operated digital properties, advanced marketing technology, and syndication partnerships with major publishers such as Sports Illustrated and Yahoo Sports. In 2025 alone, Legend generated approximately 320 million annual visits from 118 million unique users, with more than two-thirds returning regularly—providing Genius Sports with a predictable, high-quality audience base.
Strategically, the acquisition positions Genius Sports as the only company operating two synergistic businesses across official sports data and media and advertising. By combining Legend’s media reach with Genius Sports’ proprietary data, betting, and advertising infrastructure, the company expects to unlock greater scale, stronger margins, and higher cash conversion than previously outlined at its Investor Day.
Financially, the transaction is expected to be immediately accretive to Group Adjusted EBITDA margins and free cash flow conversion. On a 2026 annualized pro forma basis, the combined company is expected to generate approximately $1.1 billion in group revenue and $320–330 million in Group Adjusted EBITDA, with roughly 50% free cash flow conversion. Genius Sports reiterated its expectation to maintain at least a 20% compound annual revenue growth rate through 2028.
The integration of Legend into Genius Sports’ ecosystem will be powered by FANHub, the company’s sports fan activation platform. FANHub will connect Legend’s global audience and marketing technology with Genius Sports’ network of more than 2,000 sports, media, and betting partners through a single, integrated platform—enhancing monetization opportunities at moments when fans are most engaged and likely to act.
Genius Sports also provided preliminary unaudited results for fiscal year 2025, reporting group revenue of $669 million, up 31% year-over-year, and Group Adjusted EBITDA of $136 million, representing 59% growth and a 20% margin. Looking ahead, the company expects standalone 2026 revenue of $810–820 million and Adjusted EBITDA of $180–190 million, before factoring in the Legend acquisition.
Funding for the transaction will include an $850 million Term Loan B, with pro forma leverage expected to remain below 3.0x and decline significantly by 2028. With this acquisition, Genius Sports aims to redefine the digital sports and gaming media landscape—combining data, audience, and technology at unprecedented scale.