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DraftKings, FanDuel merger violates antitrust laws, FTC says


first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersDraftKings and FanDuel will “consider all options” in response to the FTC’s complaint. For the time being, the companies will remain separate.An administrative trial is set for Nov. 21. Any hopes of a merger are highly unlikely before the NFL season, which has long been the daily fantasy industry’s most lucrative time of year.Once bitter rivals jockeying for position atop a nascent, booming industry, DraftKings and FanDuel announced their intentions to merge in November, with few details of how such a merger might work. In spite of tensions between their CEOs, a deal was brokered after the two companies found themselves bogged down in a slew of expensive, state-by-state legal battles.Yet as both settled their once-profound differences to preserve a future as the industry’s leader, antitrust concerns always loomed.The FTC complaint also raises further questions about the future of daily fantasy sports in California. While Becerra has not issued an official stance on the industry’s legality in the state, his inclusion in the complaint’s filing is a sign the attorney general’s office could pose a serious obstacle for the industry in one of its most crucial states. California’s previous attorney general, Kamala Harris, was mum on daily fantasy’s legality, before she was elected to the state’s open U.S. Senate seat. The California State Assembly unanimously passed a DFS bill in January. Since, the bill has been dormant, with little word on whether it will be revived in 2017.The daily fantasy industry has faced its fair share of obstacles the past two years. Thirteen states have legalized daily fantasy sports contests. But many more challenges, not limited to the FTC’s complaint, lie ahead. The planned merger of daily fantasy sports leaders DraftKings and FanDuel is on hold, after the Federal Trade Commission announced Monday it would file a complaint to block the merger on grounds it violates antitrust laws.The complaint, which will be filed jointly with the office of California Attorney General Xavier Becerra, alleges the merged company would control more than 90 percent of the daily fantasy sports market, thus potentially representing a monopoly.“This merger would deprive customers of the substantial benefits of direct competition between DraftKings and FanDuel,” Tad Lipsky, acting director of the FTC’s Bureau of Competition, said in a statement. “The FTC is committed to the preservation of competitive markets, which offer consumers the best opportunity to obtain innovative products and services at the most favorable prices and terms consistent with the provision of competitive returns to efficient producers.”In a joint statement responding to the FTC’s announcement, DraftKings and FanDuel expressed disappointment in the decision, noting the two companies “continue to believe that a merger is in the best interests of our players, our companies, our employees and the fantasy sports industry.”center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more


The Vancouver Sun: First Nation chiefs head to Ottawa in opposition of Site C


first_imgThe delegation has yet to meet with the cabinet ministers they intended to, including Prime Minister Stephan Harper, but have managed to sit down with Prince George-Peace River MP Bob Zimmer and Senator Yonah Martin.They have however met with many opposition leaders, including NDP leader Tom Mulcair, Green leader Elizabeth May, Liberal MP Joyce Murray and several other senators.You can read the entire Vancouver Sun article here.With files from the Vancouver Sun Advertisement West Moberly First Nation chief, Roland Willson told the Vancouver Sun that if the federal government approves the project, the delegation won’t hesitate to take the decision to the Supreme Court.The provincial and federal government is expected to make an announcement on their decision by October 22, at which point, one of three outcomes will become the end result; an environmental certificate for the project is issued, the certificate is denied, or an order will be issued that further assessment is required.The group is expecting the federal government will find themselves in opposition of the project, as the federal/provincial joint review panel has already determined that the dam is likely to cause adverse effects on the land and subsequently fishing opportunities and other First Nation practices. It also found that B.C. Hydro has not fully demonstrated the need for the project on the timetable set forth.- Advertisement -Victoria has argued that both the region’s growing population and the gas/mining industries are in serious need for this type of relatively clean hydroelectric energy.The proposed dam and 1,100-megawatt hydroelectric generating station is slated for the Peace River, which if constructed, is reported to result in 86 kilometers of flooding and the destruction of farmland and wildlife habitat.While many chiefs hold strong opposition to the project, they’ve also gone on record to say they’re interested in contributing to other smaller projects, including wind, solar and geothermal power.Advertisementlast_img read more