Proskauer advised The Stars Group in the formation of a first partnership with FOX Sports.
The deal includes the launch of FOX Bet, which will provide a sports betting platform for customers in states with regulated sports betting as well as a nationwide free-to-play game.
Under the terms of the partnership, FOX Sports will grant The Stars Group an exclusive license for the use of FOX Sports trademarks for online sports betting and exclusive advertising and editorial integration rights on certain FOX Sports broadcast media and digital assets. The deal includes an option for FOX Sports to acquire up to a 50 percent equity stake in The Stars Group prior to the 10th anniversary of the agreement.
In addition to the commercial agreement FOX Sports also will acquire $236 million of newly issued shares in The Stars Group, representing 4.99% of The Stars Group’s issued and outstanding common shares.
The Stars Group is a provider of technology-based product offerings in the global gaming and interactive entertainment industries. Its brands have millions of registered customers globally and collectively are leaders in online and mobile betting, poker, casino and other gaming-related offerings.
FOX Sports is the umbrella entity representing Fox Corporation’s wide array of multi-platform US-based sports assets.
Proskauer advised The Stars Group with a team led by partner and TMT Group co-head Rob Freeman (Picture) and includes associates Jason Krochak and Ben Freeman (Sports) and associate Theresa Smith (Corporate).
Law Firms: Proskauer Rose LLP;
Clients: The Stars Group;