Platinum Eagle eyes FanDuel acquisition after failed DraftKings merger

Fantasy sports company FanDuel was said to be eyeing another merger, just eight months after its proposed combination with DraftKings that was later blocked by antitrust regulators.

FanDuel was rumoured to be gearing up to participate in a reverse merger with veteran media executive Jeff Sagansky's investment firm Platinum Eagle Acquisition, a NASDAQ-listed entity which raised $300m earlier in the year.

While Axios, who broke the news earlier on Thursday, said that its sources had not been able to confirm how much Platinum Eagle was paying for FanDuel, or for what percentage, when preparing for the failed merger with rival DraftKings, the group had claimed that its fully-diluted value in 2017 was approximately $1.2bn.

After the DraftKings merger was abandoned, the company held unsuccessful talks with private investors regarding a new round of funding on top of the more-than-$400m it had already raised from the likes KKR, NBC Sports, Comcast Ventures and the NBA.

A FanDuel spokeswoman declined Axios' request for comment.