PENN Entertainment stock jumps 20% after striking $2 billion sports-betting deal with ESPN
Penn Entertainment stock spiked on Wednesday after the company struck a $2 billion sports-betting deal with ESPN.
The new platform is a rebrand of Barstool Sportsbook and is expected to launch this fall across 16 states where Penn already has a presence in the sports-betting space. The company will pay up $1.5 billion to ESPN over the following decade, while giving ESPN warrants worth $500 million to purchase 31.8 million shares of Penn stock. , with Portnoy agreeing to noncompete arrangements and to give Penn 50% of the proceeds in the event he resells Barstool to another owner.
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