Penn Gaming strikes $2 billion deal with ESPN…

Penn Gaming strikes $2 billion deal with ESPN…

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ESPN and PENN Entertainment (PENN) announced a blockbuster deal on Tuesday that will see ESPN operate branded sportsbooks as the so-called Worldwide Leader in Sports makes its biggest push yet into the sports gambling market. As part of the deal, the companies will launch a branded sportsbook, ESPN BET, this fall in the 16 states where PENN currently operates mobile sportsbooks. PENN will pay ESPN $1.5 billion over the next 10 years while granting ESPN warrants to purchase 31.8 million shares of PENN worth $500 million, which will vest over the same period. PENN Entertainment stock rose as much as...
Source: https://finance.yahoo.com/news/espn-penn-entertainment-strike-2-billion-sports-betting-deal-dave-portnoy-buys-back-barstool-sports-210355050.html