FanDuel, DraftKings announce daily fantasy merger

(CNN) - Consolidation is coming to the world of fantasy sports leagues.

FanDuel and DraftKings officially announced Friday their plans to team up into a single company. The two privately held companies did not disclose the terms.

The companies say they'll be better equipped to tackle the many regulatory issues they've faced together and pledged to keep their commission fees and structure competitive.

They will continue to operate separately under their individual brands through the 2017 NFL season, with the merger goes through the approval process.

DraftKings CEO Jason Robins will run the combined company while FanDuel CEO Nigel Eccles will be chairman of the board.

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