FTC looks to block DraftKings-FanDuel merger

The U.S. Federal Trade Commission is looking to block the proposed merger of DraftKings and FanDuel, attempting to prevent the creation of a company that would control almost 95 percent of the U.S. daily fantasy sports market. The companies said in November 2016 that they planned to merge to help cut their legal bills.

While DraftKings and FanDuel argue that they compete against large companies such as ESPN and Yahoo for fantasy sports participants, U.S. regulators said a merger would deprive customers of the benefits of direct competition between the one-time rivals. The FTC is seeking a preliminary injunction to halt the merger while it reviews whether the merger is legal under antitrust law.
DraftKings and FanDuel said in a joint statement that they’re “disappointed” by the decision and continue to believe that a merger is “in the best interests of our players, our companies, our employees and the fantasy sports industry.” The companies said they are considering their legal options.

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