Mar 10, 2017

DraftKings adds $100 million

Charles Krupa / AP

Fantasy sports site DraftKings yesterday announced that it has closed an undisclosed amount of Series E-1 funding led by Eldridge Industries, a group led by LA Dodgers part-owner Todd Boehly. Bloomberg reported that the round amount was around $100 million, which we've also confirmed with sources.

Why this matters: DraftKings is currently awaiting regulatory approval to merger with rival FanDuel, which is quietly raising its own new round of funding (set to close within a few weeks). If the merger goes through, then the combined fantasy sports giant has newly-stocked coffers. If it is rejected, then each company has enough capital to continue operating independently. Expectations are that the companies will receive the thumbs up or down in early summer.

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Wall Street notches worst week for stocks since 2008

Traders work on the floor of the New York Stock Exchange. Photo: Scott Heins/Getty Images

Stocks closed down about 1% on Friday, ending the worst week for Wall Street since the financial crisis.

Why it matters: The stretch of declines came after a spike in coronavirus cases around the world earlier this week. The steep losses prompted questions about the fate of the record-long economic expansion, as well as a rare statement from the Federal Reserve.

Go deeper: The growing coronavirus recession threat

Federal Reserve: Coronavirus poses "evolving risk" to the economy

Federal Reserve chairman Jerome Powell. Photo: Sarah Silbiger/Getty Images

Federal Reserve chairman Jerome Powell took the rare move Friday of issuing a statement meant to reassure investors, one that opened the door to a possible interest rate cut.

Why it matters: The Fed rarely issues statements like this outside of policy meetings and scheduled public appearances. It came as the stock market continues its steep decline this week. Stocks briefly pared some losses after the 2:30 p.m. EST statement came out.