Genius Sports to acquire Legend in $1.2bn media mega deal

Summary

Genius Sports has agreed to buy sports media business Legend in a transaction valued at up to $1.2bn, announced 5 February 2026. The headline consideration is $900m at closing (comprising $800m cash and $100m in stock) plus an earnout of up to $300m payable across two years, tied to profitability and cash-flow targets. The earnout may be paid in cash or stock at Genius Sports’ election, subject to customary conditions.

Legend runs a scaled media platform and syndicates sports and betting content to major publishers including Sports Illustrated and Yahoo Sports. Genius says the deal creates a unique combined position spanning official sports data, media and advertising, and will accelerate monetisation of fan audiences through its FANHub activation platform.

Operational and financial highlights cited by Genius include Legend’s 2025 metrics (320 million annual visits, 118 million unique visitors) and Genius’ own FY25 results: $669m group revenue (31% YoY growth), $136m group adjusted EBITDA (59% YoY growth) and $281m in cash. On a 2026 annualised pro forma basis the combined group is expected to reach approximately $1.1bn revenue and $320m–$330m adjusted EBITDA with ~50% free cash flow conversion.

Genius expects to fund the acquisition with an $850m loan, target leverage below 3.0x, and to rapidly de-lever by more than half by 2028. The company projects group revenue of $1.6bn by 2028 with an adjusted EBITDA margin of roughly 35% and free cash flow conversion of at least 60%. The transaction is expected to close in Q2 2026, subject to customary conditions.

Key Points

Deal value up to $1.2bn: $900m at closing ( $800m cash, $100m stock ) plus up to $300m earnout over two years.
Legend brings a scaled media and syndication business with major publisher distribution (Sports Illustrated, Yahoo Sports) and significant audience reach.
Genius combines official sports data with media/advertising capacity via FANHub to drive greater fan monetisation and inventory control.
Pro forma 2026 guidance: ~ $1.1bn group revenue and $320m–$330m adjusted EBITDA; 50% free cash flow conversion expected.
Funding plan includes an $850m loan; expected leverage below 3.0x and material de-leveraging through 2028 as growth accelerates.

Why should I read this?

Short version: this is a big deal. Genius isn’t just buying reach — it’s buying the ability to pair official sports data with a large media inventory and ad tech to squeeze more revenue out of fans. If you follow sports media, betting partnerships, ad tech or M&A in the sports sector, this shapes who controls audience access and monetisation over the next few years. Read the detail if you care about market positioning, revenue forecasts and how the combined business intends to hit aggressive 2028 targets.