Online gaming company in talks to buy FanDuel

Instant replay: FanDuel previously had been working to go public via a reverse merger with Platinum Eagle Acquisition Corp., a special purpose acquisition company formed earlier this year by veteran media executive Jeff Sagansky.

• The New York-based company had raised $435 million in VC funding from firms like KKR, NBC Sports, Shamrock Capital Group, Comcast Ventures and the NBA.
• It had been valued at $1.2 billion, per terms of a planned 2017 merger with DraftKings that was scuttled by U.S. antitrust regulators.

This would be the second U.S. daily fantasy sports purchase for Paddy Power Betfair, which last year paid $48 million to acquire Draft. No word yet on how much Paddy Power might pay, but a source puts the discussed price tag at between $600 million and $700 million.

A FanDuel spokeswoman yesterday declined comment.