In a statement Fox Corp said, it had filed a lawsuit against Flutter Entertainment for exercising its option to buy a 18.6% stake in U.S. sports betting firm FanDuel Group.
According to a report from CNBC, while Fox wants to pay the same price for the stake in FanDuel as Flutter had paid in December 2020, the latter has argued that Fox must pay a “fair market value” to exercise the option in July.
Flutter did not immediately respond to requests for comments.
Flutter which merged its U.S. business with FanDuel in 2018, had raised its FanDuel holding to 95% in December last year in a $4.18 billion deal.
Flutter had taken the help of Fox to get the deal through, giving it the option to purchase a 18.6% in FanDuel in July this year.