Fox is planning to debut a legalized sports betting product in partnership with Canadian gambling company The Stars Group, marking the first time a large legacy media company is branding a betting product.
Fox will invest $236 million in The Stars Group in exchange for about 5 percent equity in the company. The Stars Group rose more than 10 percent after hours and has a market capitalization of about $5 billion. "Digital sports wagering represents a growing market opportunity that allows us to diversify our revenue streams, connect directly with consumers and expand the reach of the FOX Sports brand," said Fox Sports CEO Eric Shanks in a statement.
"I don't see The Walt Disney Company, certainly in the near term, getting involved in the business of gambling, in effect, by facilitating gambling in any way," Disney CEO Bob Iger said during his company's first-quarter earnings conference call in February."Getting into the business of gambling, I rather doubt it."
Wouldn’t be surprised to hear Fox was pumping bitcoin either 😒
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