FOX CORPORATION STATEMENT ON ARBITRATION RULING
Fox Corporation (Nasdaq: FOXA, FOX) announced a favorable arbitration ruling on November 4, 2022, regarding claims against Flutter Entertainment plc. The ruling restricts Flutter from pursuing an IPO for FanDuel without FOX's consent. FOX holds a 10-year call option, expiring in December 2030, to acquire an 18.6% stake in FanDuel for $3.72 billion, with a 5% annual escalator. This opportunity enhances FOX's position as a key player in the U.S. sports betting market, demonstrating the value created through its media partnerships.
- Favorable arbitration ruling prevents Flutter from IPOing FanDuel without FOX's consent.
- FOX holds a 10-year call option for an 18.6% stake in FanDuel, valued at $3.72 billion.
- None.
NEW YORK and LOS ANGELES, Nov. 4, 2022 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today made the following statement in response to the arbitration ruling issued by the Judicial Arbitration and Mediation Services (JAMS) deciding the claims a FOX subsidiary filed against Flutter Entertainment plc ("Flutter") last year.
"FOX is pleased with the fair and favorable outcome of the Flutter arbitration. Flutter cannot pursue an IPO for FanDuel without FOX's consent or approval from the arbitrator. FOX has a 10-year call option that expires in December 2030 to acquire
Fox Corporation produces and distributes compelling news, sports, and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations, and leading AVOD service Tubi. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of our footprint allows us to deliver content that engages and informs audiences, develop deeper consumer relationships, and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes our strategy to capitalize on existing strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.FoxCorporation.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify these forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements.
More detailed information is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company's expectations, except as required by law.
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SOURCE Fox Corporation
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