- Fox (NASDAQ:FOXA) filed a confidential lawsuit against Flutter Entertainment (OTCPK:PDYPY) to New York's Judicial Arbitration and Mediation Services in order to secure its option to buy into FanDuel at the same price Flutter paid in December for its 37% stake, according to CNBC.
- Fox Corporation wants to acquire an 18.6% ownership interest in FanDuel at the Flutter price, instead of the fair market value that Flutter execs maintain needs to be paid.
- Adding to the legal intrigue, Flutter is considering taking FanDuel public, which could shoot up the fair market value for FanDuel and create a second pure-play way alongside DraftKings (NASDAQ:DKNG) for investors to bet on the sports betting sector.