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Friday, July 10, 2020

Report: DraftKings has looked into buying Bleacher Report

Draft Kings

Business may soon be booming for DraftKings, and they are looking to keep growing.

According to a report from Front Office Sports’ Michael McCarthy, DraftKings has explored an acquisition of Bleacher Report.

DraftKings is arguably the leader in daily fantasy sports and also offers sports betting in states that have legalized it. With more states looking to legalize sports betting, DraftKings is positioned to capitalize through their digital sports betting platforms. They recently went public and have exploded in value. With a stock price of $33.49 per share as of Tuesday’s market close, they are valued at $10.43 billion.

Bleacher Report was purchased by Turner for $175 million in 2012. AT&T owns Turner and could look to sell some assets to raise cash, which helps explain why DraftKings would explore a purchase.

Bleacher Report is one of the leaders in the digital sports media world and would offer not only media reach, but a huge reach in terms of sports betting users/customers through B/R’s popular app.

This has been a pattern sports betting companies are exploring. Penn National Gaming bought a 33 percent stake in Barstool Sports for $163 million in cash and stock earlier this year. Through the acquisition, Penn gained access to Barstool’s growing rabid fan base which is full of sports bettors.

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