New York CNN —Casino owner PENN Entertainment has dropped Barstool, the sports website, agreeing to a $2 billion dollar deal with ESPN to create ESPN Bet. The online Barstool Sportsbook will be rebranded as ESPN Bet in the fall, PENN said in a statement Tuesday. It secured exclusive rights to the ESPN Bet trademark for 10 years, with an option to be extended for another 10. To get out of some its “non-compete and other restrictive covenants” with Barstool, PENN sold all of its Barstool common stock to the sports site’s founder, David Portnoy. PENN completed its acquisition of Barstool in February, after buying an initial 36% stake of Barstool Sports in 2020.

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Persons: PENN, Jay Snowden, David Portnoy, ”, Portnoy, it’s, ” Portnoy, “ Penn, ” PENN, “ Organizations: New, New York CNN — Casino, PENN Entertainment, ESPN, ESPN Bet, Penn, Twitter, Barstool Sports, Barstool Locations: New York, Barstool