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Report: Disney to give DraftKings $250M

Boston fantasy sports startup DraftKings reportedly is getting a $250 million shot in the arm from the Walt Disney Co.

In return for the investment, DraftKings will spend more than $500 million in advertising on ESPN platforms in the coming years, the Wall Street Journal reported yesterday, citing unnamed sources. The company is now valued at about $900 million, according to the report.

DraftKings lets fans play fantasy sports online and win money if the players they pick do well in games.

Fortune.com last month reported Disney and DraftKings were in talks. Both companies declined to comment on the Journal's report.

Previous investors in DraftKings, which launched in 2012, include Atlas Venture along with Boston Seed Capital, Hub Angels and Angel Street Capital.

DraftKings earlier this week announced a multi-year expansion of its exclusive partnership with Major League Baseball, making it the league's "Official Daily Fantasy Game."

Snow takes bite out of tax revenue

Roads, public transportation and patience weren't the only things stressed during this winter's punishing snowfalls.

The state's tax revenue also took a hit.

Revenue Commissioner Mark Nunnelly said yesterday that the state's sales and use taxes are lagging "undoubtedly due to weather-related sales losses."

Revenue collections for March totaled just over $2 billion. That's $82 million — or 4.2 percent — more than last March, but $99 million below projections.

Nine months into the fiscal year, revenues are $132 million above projections.

Nunnelly said that despite strong performance in estate tax collections, March revenue collections were more than offset by the release of tax refunds that had been held up in February for additional scrutiny.

He said corporate and business taxes were up $103 million over last March.

Tesla sets quarterly delivery record

Tesla Motors yesterday said it set a new company record for the most cars delivered in a quarter, with 10,030 vehicles in the first three months of 2015.

This is the first time the company has disclosed deliveries within three days of a quarter's end, a practice Tesla said it would continue. Most auto manufacturers report vehicle sales on a monthly basis.

The company said the first-quarter global delivery figure marks a 55 percent increase from a year earlier. But it is still a long way from Chief Executive Elon Musk's estimate of 55,000 deliveries in 2015.

"Ten thousand is the best he's done yet, but it's not going to get him to 55,000," said Karl Brauer, senior analyst at Kelley Blue Book. "He still needs to get the rate of production and sales improved to a pretty good chunk between now and the end of the year."

• Canton Co-operative Bank announced that Bela Vasconcelos, left, has been promoted to 
assistant vice-president/director of residential lending. 
Vasconcelos joined Canton 
Co-operative Bank in 2012.

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