Fox sues Flutter over disputed stake in sports betting firm FanDuel

·1 min read
The Twenty-First Century Fox Studios logo is seen in Los Angeles

(Reuters) - Fox Corp said on Tuesday it had filed a suit against Flutter Entertainment related to exercising its option to buy a 18.6% stake in U.S. sports betting firm FanDuel Group.

Fox wants to pay the same price for the stake in FanDuel as Flutter had paid in December, while the latter has argued that Fox must pay a "fair market value" to exercise the option in July, CNBC reported.

Flutter did not immediately respond to a Reuters request for comment.

Paddy Power Betfair's owner Flutter, which merged its U.S. business with FanDuel in 2018, had raised its FanDuel holding to 95% in December in a $4.18 billion deal.

Flutter had enlisted Fox's help to get the deal through, giving it the option to buy 18.6% of FanDuel in July this year.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Vinay Dwivedi)