{"id":136912,"date":"2020-05-27T08:32:30","date_gmt":"2020-05-27T15:32:30","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=136912"},"modified":"2020-05-27T10:55:51","modified_gmt":"2020-05-27T17:55:51","slug":"draftkings-is-reportedly-kicking-tires-on-bleacher-report","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/","title":{"rendered":"DraftKings Reportedly Mulling Bleacher Report Takeover"},"content":{"rendered":"

Barely more than a month old as a public company, DraftKings (NASDAQ: DKNG) may already be considering an acquisition in the form of Turner Sports’ Bleacher Report<\/i> unit.<\/p>\n

\"DraftKings
Rumors are flying DraftKings could make a move on Bleacher Report, which airs shows from the Caesars Palace sportsbook. (Image: Los Angeles Times)<\/figcaption><\/figure>\n

The rumor was initially reported by Front Office Sports<\/i> <\/b><\/i>late Tuesday, with Turner, a unit of AT&T (NYSE:T), saying it has no interest in divesting the popular sports media property. DraftKings doesn’t comment on market speculation.<\/p>\n

The report surfaced after DraftKings stock posted one of its best intraday performances since its April 24 initial public offering (IPO), soaring more than 14 percent on Tuesday. That high-flying stock<\/a> could make an acquisition easier to digest for DraftKings, which isn’t yet profitable.<\/p>\n

An acquisition of a content platform like Bleacher Report <\/i>makes a ton of sense for DraftKings, especially if they can take advantage of using their high-priced stock as currency for a buyout,\u201d said Roundhill Investments CEO and co-founder Will Hershey in remarks emailed to Casino.org.<\/i><\/p><\/blockquote>\n

It’s unclear what level of discussions, if any, took place between DraftKings and Bleacher Report<\/i>. Turner acquired the latter in 2012 for $175 million,<\/p>\n

Deal Makes Sense<\/h2>\n

Deals between gaming companies and sports media properties is an idea that’s rapidly gaining traction in the booming US sports wagering industry. Earlier this year, Penn National Gaming (NASDAQ:PENN) doled out $163 million for a 36 percent stake<\/a> in Barstool Sports<\/i>, an agreement that could pave the way for the Hollywood casino operator to eventually own David Portnoy’s company outright.<\/p>\n

Soon after, William Hill and CBSSports.com announced a partnership<\/a> of their own. Hershey sees the Penn\/Barstool<\/i> arrangement as potentially serving as a template for other companies.<\/p>\n

\n

\u201cThe online sports betting industry is in a hyper-growth stage, and acquiring media assets to improve one\u2019s lead generation strategy can be a competitive advantage,\u201d he said. \u201cPenn\u2019s acquisition of a stake in Barstool Sports<\/em> was similar in many ways. It\u2019s all about building a ‘top of funnel’ to onboard new users.\u201d<\/p>\n<\/div>\n

As a web-based property, Bleacher Report <\/i>caters to the younger demographics gaming companies are eager to win over, and the media site is a growing part of Turner’s MLB, NBA, and PGA coverage. Bleacher Report<\/i> also airs gambling-related shows from Caesars Palace<\/a> on the Las Vegas Strip, so the company already has some sports betting exposure.<\/p>\n

Where AT&T Comes Into Play<\/h2>\n

Bleacher Report<\/i> became an AT&T property via the telecom giant’s $108 billion purchase of Time Warner in 2018. Due in large part to that deal, AT&T carries a massive debt burden of $164.3 billion, of which $147.2 billion is long-term, and is under pressure from some investors to sell assets.<\/p>\n

Reports recently surfaced that AT&T could sell DirecTV, which it acquired in 2015 for $67.1 billion. Additionally, in his frequent social media bashing of CNN, President Trump often floats the idea of AT&T parting with the cable news network.<\/p>\n

Though AT&T management is committed to selling $10 billion worth of assets this year, it’s not immediately clear what businesses could be divested, and if Bleacher Report <\/i>could fetch a compelling enough price tag<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Barely more than a month old as a public company, DraftKings (NASDAQ: DKNG) may already be considering an acquisition in the form of Turner Sports’ Bleacher Report unit. The rumor was initially reported by Front Office Sports late Tuesday, with Turner, a unit of AT&T (NYSE:T), saying it has no interest in divesting the popular […]<\/p>\n","protected":false},"author":46,"featured_media":136915,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[32093,1],"tags":[],"acf":[],"yoast_head":"\nDraftKings Is Reportedly Kicking Tires on Bleacher Report<\/title>\n<meta name=\"description\" content=\"DraftKings is reportedly considering an acquisition of Bleacher Report, but Turner Sports says it's not interested in selling the business.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Is Reportedly Kicking Tires on Bleacher Report\" \/>\n<meta property=\"og:description\" content=\"DraftKings is reportedly considering an acquisition of Bleacher Report, but Turner Sports says it's not interested in selling the business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-27T15:32:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-27T17:55:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/br.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1296\" \/>\n\t<meta property=\"og:image:height\" content=\"729\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/\",\"name\":\"DraftKings Is Reportedly Kicking Tires on Bleacher Report\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/br.jpg\",\"datePublished\":\"2020-05-27T15:32:30+00:00\",\"dateModified\":\"2020-05-27T17:55:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings is reportedly considering an acquisition of Bleacher Report, but Turner Sports says it's not interested in selling the business.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-is-reportedly-kicking-tires-on-bleacher-report\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/br.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/br.jpg\",\"width\":1296,\"height\":729,\"caption\":\"Rumors are flying DraftKings could make a move on Bleacher Report, which airs shows from the Caesars Palace sportsbook. 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