- DraftKings Inc. agreed to make an undisclosed investment in Vivid Seats Inc., a blank-check company expected to be trading as Horizon Acquisition Corp. the next week.
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None What the front lines of U.S. DraftKings are taking over some of the commitment made by Deldridge Industries LLC, founded by Los Angeles Dodgers co-owner Todd Boehly, according to a statement on Thursday.
The investment gives DraftKings, one of the fast-growing sports gambling companies, the potential for marketing tie-ins with a big seller of tickets to sporting events, concerts and theaters. The company of DraftKings is also an investor in Boehly.
Horizon is expected to complete its merger with Vivid Seats and trade under Vivid name on Oct. 19. Shareholders voting of the companies are voting on the transaction Thursday.
As part of the deal, DraftKings has the option to sell Revue's Vivid Seats stock back to Eldridge for $9.77 a share a year after the merger is completed.
Horizon rose as much as 14% to $11.78 a share in New York. DraftKings advanced so much as 3% to $51.29 in New York City. The stock gained 7% this year through Wednesdays close.
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