PENN Entertainment announced it formed a partnership with ESPN to create the ESPN Bet app this fall as legalized sports gambling continues to expand throughout the U.S.
PENN said it will make $1.5 billion in cash payments to ESPN throughout the next 10 years. With the announcement, PENN said it is divesting Barstool Sports to founder David Portnoy. PENN's agreement with Portnoy requires certain non-compete restrictions. Penn also can claim 50% of gross proceeds in"any subsequent sale or other monetization event of Barstool."
"This transformative, exclusive agreement with ESPN marks another major milestone in PENN’s evolution from a pure-play U.S. regional gaming operator to a North American entertainment leader," said Jay Snowden, CEO of PENN."ESPN Bet will be deeply integrated with ESPN’s broad editorial, content, digital and linear product, and sports programming ecosystem."ESPN currently has broadcast agreements with the NHL, NBA, MLB and NFL.
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