Disney CEO Bob Iger Says ESPN Bet Had Multiple Suitors. Here's Why Penn Entertainment Won The Rights.
Portfolio Pulse from Chris Katje
Penn Entertainment (NASDAQ:PENN) is partnering with The Walt Disney Company (NYSE:DIS) to launch an ESPN Bet-branded sportsbook in the fall. Penn will license the ESPN Bet trademark for 10 years with a potential extension, rebrand its Barstool Sportsbook to ESPN Bet, and sell 100% of Barstool Sports back to its founder. Penn will pay ESPN $1.5 billion over the initial 10 years and also pay Disney warrants and performance-based warrants. Disney is looking for additional partnerships for ESPN.
August 10, 2023 | 6:12 pm
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POSITIVE IMPACT
Disney partners with Penn Entertainment to launch ESPN Bet-branded sportsbook, indicating a new revenue stream.
The partnership with Penn Entertainment opens a new revenue stream for Disney, which could positively impact its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Penn Entertainment partners with Disney to launch ESPN Bet-branded sportsbook, indicating a potential growth opportunity.
The partnership with Disney provides Penn Entertainment with a potential growth opportunity, which could positively impact its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100