An arbitrator on Friday reaffirmed Fox Corp's right to acquire a nearly one-fifth stake in FanDuel, settling a longstanding dispute with the betting app's owner, Flutter Entertainment Plc .
The New York-based Judicial Arbitration and Mediation Services tribunal ruled that Fox has a 10-year option to acquire an 18.6% stake of FanDuel for $3.7 billion. The price would rise to over $4 billion when factoring in a 5% escalator, according to Flutter.
Fox sought a strike price based on the $11.2 billion valuation set in December 2020 when Flutter acquired a 37% stake in FanDuel Group from one of its early private equity investors. Flutter sought a higher valuation. “Today’s ruling vindicates the confidence we had in our position on this matter and provides certainty
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