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Tuesday, February 9, 2016

Fox Marks Down Its DraftKings Investment By 60 Percent

In this photo taken on Tuesday, Dec. 1, 2015, an ad for daily fantasy sports operator DraftKings is displayed in a subway station in Philadelphia. A state judge has barred daily fantasy sports sites DraftKings and FanDuel from doing business in New York. The order issued Friday, Dec. 11, 2015, by state Supreme Court Justice Manuel Mendez also denied the country’s two biggest daily fantasy sports sites’ attempts to block the state’s attorney general enforcement action. (AP Photo/Oskar Garcia) Twenty-First Century Fox, which invested $160M in DraftKings over the summer, has written down the investment by about 60 percent, according to its 10-Q filed today. Specifically, Fox noted that “based on information concerning DraftKings’ current valuation in a recent financing transaction, the Company determined that a portion of its investment in DraftKings was impaired and… Read More

http://ift.tt/1o0XkCN Fox Marks Down Its DraftKings Investment By 60 Percent http://ift.tt/1KDKeFv

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