Stars Group stock soars more than 20% after Fox sports-gambling deal announced [MarketWatch]
THE STARS GROUP INC (TSG)
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Source: MarketWatch
Stars Group stock soars more than 20% after Fox sports-gambling deal announced Fox Corp. FOX, +0.33% and Stars Group Inc. TSG, -0.57% announced a partnership Wednesday that includes joint development of a sports-gambling app with Fox branding, sending Stars Group shares soaring more than 20% higher in after-hours trading. Stars and Fox signed a 25-year deal and said they expect to launch two apps, a free-to-play version with cash prices for predicting outcomes of sporting events and a real-money wagering app called Fox Bet for users who live in states where sports gambling is legal. Both apps are expected to launch this fall. Fox also invested in Stars, buying 14.35 million freshly issued shares, 4.99% of the company, for $16.44 a share, and will have the right to purchase up to 50% of the company for the next 10 years. Stars shares ended Wednesday's session at $17.49, but topped $21 in after-hours trading following the announcement . Have breaking news sent to your inbox. Subs
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