Fox Corp. acquires Clay Travis’s Outkick in sports betting play
The Outkick brand will be weaved across Fox's existing platforms
Fox Corporation is acquiring Outkick, the sports and pop culture media platform, founded by Clay Travis.
"Outkick is a natural complement to several of our brands and will deepen our investment in the sports wagering ecosystem," said CEO Lachlan Murdoch during the investor call following the company's quarterly earnings.
"Importantly, Outkick also creates content on sports wagering and currently has an exclusive marketing arrangement with FanDuel that has proven remarkably successful" he added.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FOXA | FOX CORP. | 46.77 | -0.35 | -0.74% |
Outkick will be run as an independent brand and will be weaved across Fox's existing platforms. Travis, whose sports radio show reaches more than 10 million monthly listeners, will serve as Outkick's president.
"Outkick has grown out of my passion for producing bold, well-informed, and entertaining content about sports, current events and more recently, sports wagering. With the power of FOX behind us, we look forward to maintaining Outkick’s unwavering commitment to that mission" said Travis in a statement.
READ CLAY TRAVIS'S FULL NOTE HERE
Additionally, "two-thirds of users are between the ages of 18 and 54, with more than 70% reporting household income above $50,000," the company noted.
Shares of Fox have gained nearly 25% this year outperforming the broader S&P 500's 11% rise through Wednesday.
During the quarter, the company reported, total revenues of $3.22 billion compared to $3.44 billion in the year-ago quarter. The dip was primarily due to the absence of the prior year broadcast of Super Bowl LIV. Profit jumped to $567 million, or 96 cents a share, from $78 million, or 13 cents a share, in the year-earlier quarter.
Fox Corp. is the parent of FOX Business and Fox News.