Form 8-K PENN Entertainment, Inc. For: Aug 08
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PENN surges on sports betting deal with ESPN, divests Barstool Sports to founder Dave Portnoy
August 8, 2023 5:03 PM EDTShares 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
