May 9, 2019 (NEW YORK) – International law firm Proskauer represented The Stars Group in the formation of a first-of-its-kind media and sports wagering partnership in the U.S. with FOX Sports. The groundbreaking deal includes the launch of FOX Bet, which will provide a sports betting platform for customers in states with regulated sports betting as well as a nationwide free-to-play game. FOX Sports also will acquire $236 million of newly issued shares in The Stars Group.
Under the terms of the partnership, FOX Sports will grant The Stars Group an exclusive license for the use of FOX Sports trademarks for online sports betting and exclusive advertising and editorial integration rights on certain FOX Sports broadcast media and digital assets. The deal includes an option for FOX Sports to acquire up to a 50 percent equity stake in The Stars Group prior to the 10th anniversary of the agreement.
The Stars Group is a provider of technology-based product offerings in the global gaming and interactive entertainment industries. Its brands have millions of registered customers globally and collectively are leaders in online and mobile betting, poker, casino and other gaming-related offerings.
Proskauer’s Technology, Media & Telecommunications (TMT) and Sports Groups are at the forefront of the commercialization of legalized sports betting and other trends that are changing the way consumers access and view content. Recent deals include Discovery Inc.’s £300 million streaming deal with the BBC, including the launch of a global direct-to consumer streaming video service, and the Los Angeles 2028 Organizing Committee’s groundbreaking partnership with NBCUniversal to sell advertising and sponsorship rights for Team USA and each edition of the Olympic and Paralympic Games from 2021 through 2028.
The Proskauer team representing The Stars Group is led by partner and TMT Group co-head Rob Freeman and includes associates Jason Krochak and Ben Freeman (Sports) and associate Theresa Smith (Corporate).