FanDuel, DraftKings Call Off Merger After FTC Pressure

Daily-fantasy startups DraftKings and FanDuel called off their attempted "merger of equals" on Thursday, after the Federal Trade Commission moved to block the deal. DraftKings Chief Executive Jason Robins confirmed the decision with a statement, saying, "We believe it is in the best interests of our customers, employees, and investors to terminate our agreement." FanDuel Chief Executive Nigel Eccles also issued a statement, saying, "There is still enormous, untapped market opportunity for FanDuel, and we will continue to execute our strategy to grow our business and further expand the fantasy sports industry." The FTC said last month that it would seek to block the merger, which would have combined two dominant and highly valued startups that face challenges to their business model from some states.