FTC Obtains TRO To Halt DraftKings, FanDuel Merger
Law360, Los Angeles (June 21, 2017, 10:40 PM EDT) -- The Federal Trade Commission secured a temporary restraining order against the proposed merger between DraftKings Inc. and FanDuel Inc. on Tuesday after raising concerns about the deal's potential to create a "near-monopoly."
U.S. District Judge Ketanji Brown Jackson ordered the companies to avoid consummating the merger until after the court rules on the FTC's motion for a preliminary injunction. The companies stipulated to the TRO on Monday, according to court records.
The FTC, in announcing its challenge, said the proposed combined company would control more than 90 percent of the market for paid daily fantasy sports contests, where contestants compete for prizes...
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