Fox Corporation CEO Lachlan Murdoch confirmed the company would try to activate an 18.6% stake option in betting giant FanDuel—and he said the deal could be secured at $2.2 billion below open market value.

Speaking at the Goldman Sachs Communacopia and Technology Conference on Tuesday, Murdoch said Goldman Sachs analysts value FanDuel, owned by Flutter, at $35 billion. That implies Fox’s potential piece of FanDuel is worth about $6.5 billion on the open market compared to the $4.3 billion Fox estimated it will need to pay in a financial report filed last month.

Flutter’s purchase of The Stars Group in 2020 established a connection between Fox and FanDuel, as Fox’s purchase option for part of The Stars Group translated to a purchase option for FanDuel.

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