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Disney acquires equity stake in DraftKings

Disney has taken an equity stake in daily fantasy and sports betting company DraftKings. The stake was acquired as part of the Disney's $71.3 billion acquisition of several prominent 21st Century Fox assets that closed earlier this year.

Legal Sports Report  first broke the story earlier this week. Disney, had originally considered taking a stake in the company back in 2015 but a deal failed to be finalised. Instead the company has recently taken a strong anti-gambling stance, including helping to fund opposition to a casino initiative in Florida. Fox invested in DraftKings in July 2015 after Disney walked away from its proposed equity deal and instead moved toward a marketing-based alignment with the Boston-based company that was later terminated early.

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