NEW YORK and LOS ANGELES, Nov. 4, 2022 /PRNewswire/ — Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) right now made the next assertion in response to the arbitration ruling issued by the Judicial Arbitration and Mediation Services (JAMS) deciding the claims a FOX subsidiary filed in opposition to Flutter Entertainment plc (“Flutter”) final 12 months.
“FOX is pleased with the fair and favorable outcome of the Flutter arbitration. Flutter cannot pursue an IPO for FanDuel without FOX’s consent or approval from the arbitrator. FOX has a 10-year call option that expires in December 2030 to acquire 18.6% of FanDuel for $3.72 billion, with a 5% annual escalator. FOX has no obligation to commit capital towards this opportunity unless and until it exercises the option. This optionality over a meaningful equity stake in the market leading U.S. online sports betting operation confirms the tremendous value FOX has created as a first mover media partner in the U.S. sports betting landscape.”
About Fox Corporation
Fox Corporation produces and distributes compelling information, sports activities, and leisure content material via its main iconic home manufacturers, together with FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations, and main AVOD service Tubi. These manufacturers maintain cultural significance with shoppers and business significance for distributors and advertisers. The breadth and depth of our footprint permits us to ship content material that engages and informs audiences, develop deeper client relationships, and create extra compelling product choices. FOX maintains a powerful monitor file of reports, sports activities, and leisure trade success that shapes our technique to capitalize on current strengths and put money into new initiatives. For extra details about Fox Corporation, please go to www.FoxCorporation.com.
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This press launch comprises “forward-looking statements” inside the which means of the Private Securities Litigation Reform Act of 1995. Words similar to “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and comparable expressions are used to establish these forward-looking statements. These statements are based mostly on administration’s present expectations and beliefs and are topic to uncertainty and modifications in circumstances. These statements should not ensures of future outcomes and are topic to dangers, uncertainties and assumptions that might trigger precise outcomes to vary materially from these expressed in any forward-looking statements.
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SOURCE Fox Corporation
