Genius Sports has entered into a definitive agreement to acquire Legend in a transaction valued at up to $1.2bn, as the company moves to further expand its footprint across digital media, advertising and igaming-focused audience monetisation.
Under the terms of the agreement, Genius Sports will pay $900m at closing, comprising $800m in cash and $100m in stock, alongside a potential earnout of up to $300m tied to profitability and cash flow targets across the two years following completion. The acquisition is expected to close in the second quarter of 2026, subject to customary regulatory and closing conditions.
Legend operates a scaled digital media platform that monetises sports and gaming audiences through owned and operated properties, as well as syndication of sports and betting content across major publications, including Sports Illustrated and Yahoo Sports. The business also provides marketing technology designed to connect sports fans researching teams, players, odds or scores with relevant sportsbooks, gaming products and advertisers.
In 2025, Legend generated 320 million annual visits from 118 million unique visitors, with more than two-thirds classified as returning users. Genius Sports said the addition of Legend will bring a large, engaged sports and igaming audience into its media ecosystem, providing a more predictable and diversified revenue base.
Genius Sports expects the transaction to be immediately accretive to group adjusted EBITDA margins and free cash flow conversion, while supporting a minimum 20% group revenue compound annual growth rate through 2028. On a 2026 annualised pro forma basis, including the acquisition, the combined group is expected to deliver approximately $1.1bn in revenue and $320m to $330m in group adjusted EBITDA, with around 50% free cash flow conversion.
The company also released preliminary unaudited estimates for FY2025, reporting group revenue of $669m, up 31% year-on-year, and group adjusted EBITDA of $136m, up 59%, with an adjusted EBITDA margin of 20%. On a standalone basis, Genius Sports forecasts FY2026 revenue of approximately $810m to $820m and group adjusted EBITDA of $180m to $190m, implying adjusted EBITDA margins of around 23%.
Following integration of Legend, Genius Sports has set longer-term targets for 2028 of approximately $1.6bn in group revenue, an adjusted EBITDA margin of around 35%, and free cash flow conversion of at least 60%. The company plans to fund the acquisition with an $850m Term Loan B facility, while keeping its revolving credit facility undrawn. Pro forma leverage is expected to be below 3.0x at closing, with a stated intention to materially reduce leverage by 2028.
The transaction reflects a broader convergence between sports data, media, advertising and igaming, as suppliers seek to control larger portions of the value chain spanning official data, content creation, audience engagement and monetisation. For Genius Sports, combining its sports data and technology operations with Legend’s media and marketing platform positions the group across both official data distribution and digital media activation within regulated igaming and sports betting markets.
“This deal accelerates our strategic and financial objectives, supercharges fan monetisation, and builds a fully integrated sports and gaming media network,” said Mark Locke, CEO of Genius Sports. “For Genius Sports and our global partners, it delivers more data, more audience, more inventory and greater monetisation 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.”
“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,” said Nick Kisberg, Founder of Legend. “I am immensely proud of what we have built and the decades of hard work that have brought us here today.”
