Fox Corporation Statement on Legal Dispute with Flutter Entertainment Relating to FOX’s Right to Acquire an 18.6% Equity Interest in FanDuel

Rhea-AI Summary

Fox Corporation (Nasdaq: FOXA, FOX) has filed an arbitration suit against Flutter Entertainment plc to enforce its right to acquire an 18.6% stake in FanDuel Group for the same price Flutter initially paid in December 2020. The dispute is set before JAMS in New York, NY. Fox Corporation is a leading provider of news, sports, and entertainment content across popular brands such as FOX News and FOX Sports. This move is significant as it underscores Fox's commitment to expanding its influence in the sports betting market.

Positive

• Fox seeks to acquire an 18.6% stake in FanDuel, enhancing its position in the growing sports betting market.
• The arbitration may lead to a favorable outcome, potentially increasing Fox's revenue and market share.

Negative

• Legal disputes can result in financial strain and distract management from operational focus.

Fox Corporation (Nasdaq: FOXA, FOX) today issued the following response to media reports regarding its legal dispute with Flutter Entertainment plc (“Flutter”):

Fox Corporation has filed suit against Flutter to enforce its rights to acquire an 18.6% ownership interest in FanDuel Group—an American sports betting brand—for the same price that Flutter paid for that interest in December 2020. The suit was filed as an arbitration before JAMS in New York, NY by consent of the parties.

About Fox Corporation

Fox Corporation produces and distributes compelling news, sports and entertainment content through its iconic domestic brands including: FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations. 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.

Cautionary Statement Concerning Forward Looking Statements

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. Actual results may vary materially from those expressed or implied by the statements in this press release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses, including the impact of COVID-19 and other widespread health emergencies or pandemics and measures to contain their spread. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210406006120/en/

FAQ

What is the purpose of Fox Corporation's lawsuit against Flutter Entertainment?

Fox Corporation's lawsuit aims to enforce its rights to acquire an 18.6% ownership interest in FanDuel Group for the same price Flutter paid.

When was the arbitration regarding the dispute with Flutter filed?

The arbitration suit was filed by Fox Corporation in New York, NY, though the specific date of filing is not disclosed in the press release.

What impact could the acquisition of FanDuel have on Fox Corporation?

Acquiring FanDuel could significantly enhance Fox Corporation's presence in the sports betting industry, potentially boosting revenue.

What are the potential risks associated with the legal dispute with Flutter?

The legal dispute may lead to financial strain and divert management's attention from core business operations.