Genius Sports has signed a definitive agreement to acquire Legend for up to $1.2 billion, strengthening its presence in the sports and gaming media market. The announcement was made alongside the release of preliminary financial results for 2025 and an updated forecast, which projects continued double-digit growth in 2026.

Deal Valued at Up to $1.2 Billion

The agreement values Legend at up to $1.2 billion, including an upfront payment of $900 million and potential additional payments of up to $300 million, contingent on the company’s future performance. Genius Sports stated that the upfront payment will be financed through an $850 million Term Loan B.

The company expects the acquisition to have an immediate positive impact on financial performance, supporting growth in the group’s adjusted EBITDA and increasing free cash flow. In addition, Genius Sports aims to maintain a compound annual revenue growth rate (CAGR) of at least 20% through 2028.

Following the completion of the deal, the combined company is targeting approximately $1.1 billion in revenue in 2026. Group adjusted EBITDA is projected at $320–330 million, with free cash flow conversion estimated at around 50%.

The company emphasized that combining data, technology, and media assets is designed to enhance monetization opportunities across its global sports and betting ecosystem.

Legend Expands Media Reach and Engaged Audience

Genius Sports describes Legend as a company specializing in monetizing sports audiences through marketing technology. In 2025, Legend generated 320 million annual visits from 118 million unique users, bringing a significant and highly engaged audience to the Genius Sports platform.

“This deal accelerates the execution of our strategic and financial plans, boosts fan monetization, and creates a fully integrated sports and gaming media network,” said CEO Mark Locke.

Legend founder Nick Kisberg noted that the merger of the two companies creates new business opportunities.

Preliminary Financial Results for 2025

Alongside the deal announcement, Genius Sports released preliminary results for 2025. The company expects full-year revenue of $669 million, representing a 31% increase over the previous year.

Group adjusted EBITDA for the year is forecast at $136 million, up 59% year on year, with an adjusted EBITDA margin of 20%. Genius Sports reported ending 2025 with $281 million in cash and cash equivalents.

For 2026, the company forecasts group revenue of approximately $810–820 million and group adjusted EBITDA of around $180–190 million, which at the midpoint represents revenue growth of 22% and adjusted EBITDA growth of 36%.

The company expects its adjusted EBITDA margin to increase to 23% in 2026, reflecting operating leverage and the planned integration of Legend into its broader business.

 

 

 

 

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