PENN Entertainment shares are trading higher after the company announced an exclusive U.S. online sports betting agreement with ESPN. The company also divested Barstool Sports back to founder Dave Portnoy.
Portfolio Pulse from Benzinga Newsdesk
PENN Entertainment has entered into an exclusive U.S. online sports betting agreement with ESPN. Additionally, the company has divested Barstool Sports back to its founder, Dave Portnoy. This has led to a rise in PENN Entertainment's shares.
August 08, 2023 | 10:19 pm
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PENN Entertainment's stock is trading higher after announcing an exclusive online sports betting agreement with ESPN and divesting Barstool Sports.
The exclusive agreement with ESPN could potentially increase PENN Entertainment's market share in the online sports betting industry, leading to increased revenues. The divestment of Barstool Sports could also free up resources for the company to focus on its core operations, which could improve its financial performance. Both these factors are likely to have contributed to the rise in PENN Entertainment's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100