A group of entertainment industry insiders lost their bid to end litigation challenging the blank-check transaction they engineered to take online gaming platform Skillz public, Bloomberg Law reports.
Shareholder claims against CBS Entertainment ex-president Jeff Sagansky, former MGM Studios chairman Harry Sloan, and other architects of the merger between Skillz and Flying Eagle Acquisition will move forward after a Delaware judge, Vice Chancellor Paul A. Fioravanti Jr., found them sufficient.
The same group previously designed a similar listing involving sports betting giant DraftKings Inc.
The lawsuit, filed in 2022, also targets Eagle Equity Partners II.
Flying Eagle shareholders approved the merger with Skillz in December 2020. The transaction gave Skillz a valuation of $3.5 bilion. Read more.
