PENN Entertainment (PENN) and ESPN Enter into Long-Term Exclusive Strategic Alliance for U.S. Online Sports Betting

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Go back to PENN Entertainment (PENN) and ESPN Enter into Long-Term Exclusive Strategic Alliance for U.S. Online Sports Betting

PENN surges on sports betting deal with ESPN, divests Barstool Sports to founder Dave Portnoy

August 8, 2023 5:03 PM EDT

Shares of PENN Entertainment (NASDAQ: PENN) soared 19% after-hours Tuesday after the company announced it entered into an exclusive U.S. online sports betting agreement with Disney's (NYSE: DIS) ESPN. At the same time, the company announced it has sold 100% of Barstool Sports back to founder David Portnoy.

The news sent shares of online sports betting leader DraftKings (NASDAQ: DKNG) down 9% after-hours.

Under the agreement, PENN has secured the exclusive right to the ESPN Bet trademark for... More

DraftKings (DKNG) Declines After Rival Penn (PENN) Enters Pact with ESPN

August 8, 2023 4:36 PM EDT

DraftKings (NASDAQ: DKNG) Declines After Rival Penn (NASDAQ: PENN) Enters Pact with ESPN

Shares Down 8%
... More

Penn National Gaming (PENN) Divests Barstool Sports to Founder David Portnoy

August 8, 2023 4:22 PM EDT

Penn National Gaming (NASDAQ: PENN) announced:

PENN Divests Barstool Sports to Founder David Portnoy: PENN sold 100% of the Barstool Sports, Inc. (Barstool) common stock to David Portnoy in exchange for certain non-compete and other restrictive covenants. PENN also has the right to receive... More