DraftKings, FanDuel agree to merge

The deal had been in the works for weeks.

Daily fantasy sports companies DraftKings and FanDuel announced on Friday that they have agreed to merge after months of discussions.

Under the merge, DraftKings co-founder Jason Robins will be named the chief executive officer of the combined firm. FanDuel co-founder Nigel Eccles will serve as chairman of the board, which will comprise three members from each company. A seventh independent member will also be named to the board.

ESPN’s David Purdum reports both sites will continue to operate under separate brands for the time being.

The deal is pending approval from the Federal Trade Commission, but an attorney for FanDuel says they don’t foresee a problem.

– Kenny Ducey