Stars Group and FOX Sports launch FOX Bet, the first-of-its kind national media and sports wagering partnership in U.S.
Clients Stars Group Inc., The
Jones Day advised The Stars Group Inc. (Nasdaq: TSG) (TSX: TSGI) on its transaction with FOX Sports, a unit of Fox Corporation (Nasdaq: FOXA), to launch FOX Bet, the first-of-its kind national media and sports wagering partnership in the United States.
Fox Corporation acquired 4.99% of The Stars Group's issued and outstanding common shares for approximately $236 million. In addition, FOX Sports has the right to acquire up to a 50% equity stake in The Stars Group's U.S. business.
As part of the broader transaction, The Stars Group and FOX Sports entered a long-term commercial agreement through which FOX Sports will provide The Stars Group with an exclusive license to use certain FOX Sports trademarks for a range of immersive games and online sports wagering, and certain exclusive advertising and editorial integration rights on certain FOX Sports broadcast media and digital assets. Pursuant to these agreements, The Stars Group and Fox Sports will launch both a real-money online gaming product and a free-to-play game under the FOX Bet brand in the United States.