DraftKings and FanDuel may compete to acquire The Athletic
Sports media platform The Athletic is on the market and DraftKings and FanDuel are reportedly bidding to buy.
US.- It’s been reported that both DraftKings and FanDuel may both seek to acquire The Athletic, the subscription-based sports media outlet valued at around $500m.
Launched in 2016 by Alex Mather and Adam Hansmann, The Athletic covers sports in 47 North American cities and the UK. A year ago, the company passed the one million subscribers mark, and it’s been rumoured to be a takeover target for much of this year.
Axios was rumoured to be considering an acquisition in March that would have led to a public listing, but that fell through. In June, it was revealed the sports media property was holding talks with the New York Times, but those negotiations also ended without a deal.
According to news outlet The Information, DraftKings and FanDuel might now be interested in purchasing the platform. Both sportsbook operators are eagerly seeking media partnerships and deals as avenues for attracting and retaining clients.
The Athletic is seeking a valuation of $750m implies the company is worth 50 per cent more today than it was in 2020. Commanding that price tag may be difficult because as it’s reported that the media company isn’t turning a profit and is burning cash.
