Digital World Acquisition Corp
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Company profile

Digital World Acquisition Corp is a blank check company. The Company is formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company intends to focus on companies in the healthcare industry in the United States. The Company is not engaged in any business operations and has not generated any revenue.

Closing Price
Day's Change
0.01 (0.07%)
B/A Size
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10-day average volume:

FanDuel now valued at $22 billion for purposes of Fox option, arbitrator rules

8:50 am ET November 7, 2022 (MarketWatch)

By Steve Goldstein

Flutter Entertainment on Monday said an arbitrator has determined that the value of U.S. sports betting company FanDuel as of Dec. 2020 was $20 billion.

That establishes the current value for the option Fox (FOXA) has to buy an 18.6% stake, which is subject to a 5% annual compounding carrying value adjustment.

Flutter says this equates to a $22 billion valuation for FanDuel today, and a cost of $4.1 billion for Fox to acquire an 18.6% stake.

Flutter shares rallied 4% in London trade.

FanDuel rival DraftKings (DKNG) has a $9.5 billion market cap and has dropped 58% this year, including a 28% dive on Friday, when forecast up to $700 million more in losses before turning profitable.

Analysts at UBS point out that gambling peers have de-rated significantly since Dec. 2020, when Flutter bought a 37% stake in FanDuel from a consortium at an implied valuation of $11.2 billion.

The UBS analysts also note the tribunal still has yet to rule on whether Fox can participate in a FanDuel IPO, should one occur.

-Steve Goldstein


(END) Dow Jones Newswires

November 07, 2022 08:50 ET (13:50 GMT)

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