Genius Sports Announces Major $1.2 Billion Deal to Acquire Legend
Genius Sports has entered into a definitive agreement to purchase Legend in a deal valued at up to $1.2 billion, marking a significant expansion in its presence within the sports and gaming media sectors. The announcement coincided with the release of preliminary financial results for 2025 and updated guidance indicating sustained double-digit growth into 2026.
The acquisition values Legend at as much as $1.2 billion, with an initial payment of $900 million and a potential earnout of up to $300 million. Genius Sports indicated that the $900 million upfront will be funded through an $850 million Term Loan B facility.
The company anticipates that the deal will be immediately accretive, contributing to higher group adjusted EBITDA margins and enhanced free cash flow. Additionally, Genius Sports maintains its target of achieving a group revenue CAGR of at least 20% through 2028.
Following the acquisition, Genius Sports projects its enlarged entity will reach approximately $1.1 billion in revenue by 2026. The firm expects adjusted EBITDA to range between $320 million and $330 million, with free cash flow conversion around 50%. The combination of data, technology, and media assets aims to boost monetization opportunities across its global sports and betting ecosystem.
Described by Genius Sports as a leader in monetizing sports audiences via marketing technology, Legend contributed 320 million annual visits from 118 million unique users in 2025. This sizable and highly engaged user base will become part of the Genius Sports platform, enhancing its reach and monetization potential.
CEO Mark Locke stated, “This deal accelerates our strategic and financial objectives, supercharges fan monetization, and builds a fully integrated sports and gaming media network.” Legend founder Nick Kisberg also expressed optimism about the opportunities unlocked through the merger.
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In conjunction with the acquisition news, Genius Sports released early estimates for 2025. The company expects full-year revenue to reach $669 million, reflecting a 31% increase compared to the previous year.
The forecast for group adjusted EBITDA stands at $136 million, up 59% year-over-year, with an EBITDA margin of 20%. As of the end of 2025, the company held $281 million in cash and cash equivalents.
Looking ahead to 2026, Genius Sports predicts revenues between approximately $810 million and $820 million, with adjusted EBITDA around $180 million to $190 million. At the midpoint, this implies a 22% growth in revenue and a 36% rise in adjusted EBITDA. The company also expects its EBITDA margin to improve to 23%, driven by operating leverage and the ongoing integration of Legend into its broader business model.
