FanDuel and DraftKings late Thursday terminated their planned merger rather than go through a drawn out and costly legal battle with the U.S. federal government, which had sought to block the combination of the two daily fantasy sports (DFS) sites.
The Federal Trade Commission (FTC), along with the attorneys general in California and the District of Columbia, sued last month to block the merger, saying a combined company would control more than 90 percent of the market.
“It always seemed like a marriage arranged by their parents,” said Kevin Braig, an attorney with Shumaker, Loop & Kendrick in Columbus, Ohio.
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