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Penn Entertainment CEO Jay Snowden told CNBC's Jim Cramer and CNBC's Contessa Brewer that the only natural owner of Barstool Sports was David Portnoy, who founded the company in 2003. Penn Entertainment, a gambling firm, announced Tuesday it would be divesting Barstool — selling the entity back to Portnoy — while entering a $1.5 billion deal with Disney 's ESPN to launch a betting sportsbook. "Dave Portnoy is the only natural owner for Barstool sports long term," Snowden said. Snowden explained that the company realized its product was quickly becoming outdated by having to rely on a third-party platform. The ESPN deal marks the first time the brand will be on a sports betting platform, known as ESPN Bet.
Persons: Jay Snowden, Jim Cramer, Contessa Brewer, David Portnoy, Portnoy —, Dave Portnoy, Snowden, Wednesday's, DraftKings Organizations: Penn Entertainment, Barstool Sports, Disney, ESPN, ESPN Bet
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDave Portnoy is the only natural owner for Barstool Sports long-term, says PENN CEO Jay Snowden'Mad Money' host Jim Cramer and CNBC's Contessa Brewer sit down with PENN entertainment President and CEO Jay Snowden to talk PENN's new partnership with ESPN.
Persons: Dave Portnoy, Jay Snowden, Jim Cramer, Contessa Brewer Organizations: Barstool, PENN, ESPN
Budrul Chukrut | Lightrocket | Getty ImagesOne of the leading sports gambling stocks fell sharply on Wednesday after media giant ESPN took a large step into the online betting world. Shares of DraftKings sank 10.9% after Penn Entertainment announced that it had signed a 10-year deal with ESPN. Stock Chart Icon Stock chart icon Shares of DraftKings was under pressure after ESPN and Penn National Gaming announced a partnership. ESPN, which is part of Disney , had previously been reluctant to fully embrace the highly competitive online gambling industry. As part of the deal, Penn will pay ESPN $2 billion in cash and stock warrants over 10 years to license the brand.
Persons: Barstool —, Bob Iger Organizations: Lightrocket, ESPN, DraftKings, Penn Entertainment, Penn, ESPN Bet, Penn National Gaming, Disney, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailESPN launches sportsbook with Penn Entertainment—Here's what investors should knowESPN just struck a $1.5 billion deal with Penn Entertainment to rebrand Barstool Sportsbook as ESPN Bet. ESPN will buy $500 million in shares of Penn, and sell its stake in Sportsbook back to founder Dave Portnoy.
Persons: Dave Portnoy Organizations: ESPN, Penn Entertainment, ESPN Bet, Penn Locations: Sportsbook
Its share price, which was below $1 since early this year, dropped to $0.05 in premarket trading. Lyft — Shares lost almost 6% premarket after the ride-hailing company announced its second-quarter earnings. Meanwhile, adjusted per share earnings came in at 16 cents, beating estimates of a loss of 1 cent per share. Bumble — Dating platform Bumble slid 2.8% even after the company beat expectations for its second quarter on both lines. Analysts surveyed by Refinitiv were expecting a loss of 9 cents per share on $219 million of revenue.
Persons: WeWork, , Lyft, Bumble, DraftKings, Marqeta, Refinitiv, — CNBC's Hakyung Kim, Yun Li, Alex Harring, Jesse Pound Organizations: SEC, Penn Entertainment, Disney's ESPN, Penn, ESPN Bet, ESPN, Revenue, JPMorgan, Disney, Technologies Locations: StreetAccount
Roblox reported a loss of 46 cents per share, versus the 45 cent loss expected by analysts polled by Refinitiv. Upstart, a consumer lending platform, said it expects third-quarter adjusted EBITDA and revenue to come in around $5 million and $140 million, respectively. The company's adjusted earnings came in at 16 cents per share, beating estimates of a loss of 1 cent per share. Rivian posted an adjusted loss per share of $1.08 in the second quarter, while the Street anticipated a loss of $1.41 per share, per Refinitiv. On Tuesday, Super Micro Computer reported adjusted earnings of $3.51 per share on revenue of $2.18 billion.
Persons: Roblox, DraftKings, Lyft, Uber, Rivian, Carvana, FactSet, Refinitiv, Bumble, Marqeta, CNBC's Hakyung Kim, Pia Singh, Brian Evans, Jesse Pound, Alex Harring, Yun Li, Sarah Min Organizations: Refinitiv . Revenue, Roblox, Penn Entertainment, Disney, ESPN, ESPN Bet, Penn, , Micro, Akamai Technologies, Enterprise, IAC —, IAC, Revenue, CashApp Locations: Refinitiv
Disney (DIS) reported fiscal third-quarter results after the closing bell Wednesday, and it was another mixed quarter even against low expectations. Still, there were enough pockets of optimism in the company's restructuring plan and streaming strategy to believe CEO Bob Iger's turnaround is working. Indeed, global Disney+ subscribers declined to 146.1 million from 157.8 billion, but nearly all of that was associated with Disney+ Hotstar and not Disney's core markets. Quarter over quarter, that loss of $512 million was narrower by $147 million. Thanks to the ongoing strength of Disney's international parks and cruise line business, Disney expects fourth-quarter operating margins at DPEP to exceed the prior year.
Persons: Bob Iger's, we've, Kevin Lansberry, Iger, Jim Cramer's, Jim Cramer, Jim, Bob Iger, CNBC's David Faber, David A Organizations: Disney, Refinitiv, DIS, Consumer, Hollywood, Indian Premier League cricket, Netflix, Disney Media, Entertainment, Linear Networks, ESPN, Penn Entertainment, Disney Parks, Walt Disney, Star Wars, CNBC, Allen, Grogan Locations: India, Florida, Europe, Canada, DMED, Sun Valley , Idaho
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Back-to-back losses Still believe in Disney Eli Lilly keeps going 1. Eli Lilly keeps going Eli Lilly (LLY) continued its post-earnings rally, up more than 1% during Wednesday trading. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Jim Cramer, Eli Lilly, Bob Iger's, LLY, Lilly, Jim Cramer's, Jim Organizations: CNBC, Federal, Fed, Disney Disney, CNBC –, Disney's ESPN, Penn Entertainment, Regulators Locations: U.S
DIS YTD mountain Disney shares' YTD performance Ahead of the company's quarterly release, several Wall Street analysts have lowered their performance forecasts. The new price target suggests shares could rally 45% from Tuesday's close. He cut his price target to $105 from $110. Finally, Deutsche Bank analyst Bryan Kraft lowered his price target, citing lower advertising revenue and underperformance at the box office. His new price target is $120, down from $131.
Persons: Wednesday's, Goldman Sachs, Goldman, Brett Feldman, John Hodulik, Vijay Jayant, Morgan Stanley, Benjamin Swinburne, Bryan Kraft, Kraft, — CNBC's Michael Bloom Organizations: Disney, Investors, Penn Entertainment, ESPN, ESPN Bet, Disney World's, UBS, Hollywood, Deutsche Bank, Kraft Locations: Tuesday's
The worldwide leader in sports is finally jumping into online betting. Disney's ESPN division late Tuesday agreed to partner with Penn Entertainment to rebrand and relaunch the latter's online gambling sportsbook as ESPN Bet. ESPN entering the online gambling business could signal another run for gaming companies that have a presence in the industry. Now, the deal with ESPN may spell especially good news for Penn at the same time as it expands the entire online sports universe, boosting sentiment toward other online gaming companies. Online sports wagering, where individuals create betting accounts and make wagers using an online device, is legal in roughly 30 states.
Persons: Penn, Wall, FactSet Organizations: ESPN, Penn Entertainment, ESPN Bet, Penn, CNBC Pro, Wall Street, Rush, Interactive, Caesars Entertainment, Caesars, Boyd Gaming Corporation, Boyd Gaming Locations: Canada, Latin America, Vegas, Las Vegas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo analysts break down ESPN's partnership with Penn EntertainmentBarton Crockett, senior analyst at Rosenblatt Securities, and David Katz, managing director at Jefferies, join 'Power Lunch' to discuss media and sports betting after ESPN's plan to launch branded Sportsbook in partnership with Penn Entertainment.
Persons: Penn Entertainment Barton Crockett, David Katz Organizations: Penn Entertainment, Rosenblatt Securities, Jefferies
The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. On a month-to-month basis, consumer prices are seen increasing 0.2%, the same rate as in June. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. ET, Dow e-minis were up 44 points, or 0.12%, S&P 500 e-minis were up 9 points, or 0.20%, and Nasdaq 100 e-minis were up 31.5 points, or 0.21%. Of the 443 S&P 500 companies that have reported earnings as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.
Persons: Patrick Harker, Michelle Bowman, FEDWATCH, Brendan McDermid, Michael Hewson, Penn Entertainment's, Walt Disney's, Uber, Bansari Mayur, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, Federal Reserve, Index, Philadelphia Fed, Traders, Bank of America, Citigroup, New York Stock Exchange, REUTERS, ECB, Bank of England, CMC Markets, Dow e, Casino, Walt, Walt Disney's ESPN, Rivian, Thomson Locations: U.S, New York City, Asia, Bengaluru
For Disney, Iger's return was a doctor's-orders scenario. "What is the long game for any pure-play media company in a world where we have tech-driven media companies that are much larger than any traditional media company and have fundamentally different business models?" Will Disney sell TV assets like ABC? Industry watchers have focused on private-equity firms as likely buyers of Disney's TV assets. Are you a Disney insider?
Persons: Bob Iger, Bob Chapek, Iger, Disney, Iger's, Peter Csathy, Tom Staggs, Kevin Mayer, Csathy, they're, He's, Paul Verna, Verna, David Heger, Edward Jones, Heger, Hulu —, it's, Dave Portnoy's Barstool, Will, Evercore, Dana Walden, Alan Bergman, Puck, Disney bigwigs, Mayer, Walden, Bergman, Reed Alexander, Lucia Moses Organizations: Disney, ESPN, Walt Disney Co, Hollywood, Creative Media, Apple, PE, Candle Media, Insider Intelligence, Hulu, LightShed Partners, Penn Entertainment, ESPN Bet, Penn, Yahoo Finance, Will Disney, ABC, Geographic, CNBC, Industry, Disney's, Parks
"We think that at this point there is some profit taking and retrenchment in the short term on the card," said Aadil Zaman, partner at Wall Street Alliance Group. However, Fed Governor Michelle Bowman on Monday said the combination of still-elevated inflation and continued economic growth meant further rate increases are likely. The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. Seven of the top 11 S&P 500 sectors rose, led by gains in energy stocks (.SPNY), that increased 1.6%, touching a near six-month high, tracking a jump in crude oil prices. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.
Persons: Aadil Zaman, Patrick Harker, Michelle Bowman, Monday, It's, Zaman, Brendan McDermid Big, Wells, Penn Entertainment's, Walt Disney's, Uber, advancers, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, . Federal Reserve, Wall, Nvidia, Apple, Wall Street Alliance Group, Philadelphia Fed, Traders, FedWatch, Index, CPI, New York Stock Exchange, REUTERS, Bank of America, Dow Jones, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: U.S, New York City, Bengaluru
PENN Entertainment CEO Jay Snowden sits down with Jim Cramer to talk ESPN partnership'Mad Money' host Jim Cramer and CNBC's Contessa Brewer sit down with PENN entertainment President and CEO Jay Snowden to talk PENN's new partnership with ESPN.
Persons: Jay Snowden, Jim Cramer, Contessa Brewer Organizations: PENN Entertainment, ESPN, PENN
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Persons: Dow Jones Organizations: espn, penn
ESPN on Tuesday announced a 10-year deal with Penn Entertainment, a casino company, to create an online sports betting brand called ESPN Bet, catapulting the sports entertainment network into the lucrative world of online gambling. Penn will operate the online sports book and pay ESPN $1.5 billion in cash for the use of ESPN’s name, marketing, “access to ESPN talent” and other promotional tools, Penn said in a news release. Penn will also give ESPN options to buy $500 million in Penn stock, the news release said. Jimmy Pitaro, the chairman of ESPN, said in the news release that he believed ESPN’s strong brand, combined with Penn’s technology and experience running a sports book, provided a “tremendous opportunity to serve the ever-growing number of consumers interested in betting.”Jay Snowden, Penn’s chief executive, called the deal “transformative” and said it would help Penn continue to evolve into a “North American entertainment leader.”
Persons: Penn, Jimmy Pitaro, ” Jay Snowden, Organizations: ESPN, Tuesday, Penn Entertainment, ESPN Bet, Penn Locations: Penn, American
Disney 's ESPN is launching a betting sportsbook, putting the sports entertainment unit deeper into the wagering world. U.S. gambling company Penn Entertainment said it is partnering with ESPN to rebrand and relaunch its sportsbook as ESPN Bet. ESPN Bet will take over Penn's Barstool Sportsbook and become ESPN's exclusive operation. As part of the deal, Penn will pay ESPN $1.5 billion in cash over the 10-year period. Correction: Penn Entertainment reported in February that its sports-betting business turned a profit in the final three months of the fiscal year.
Persons: Bob Chapek, Bob Iger, David Portnoy, Penn, Portnoy, — CNBC's Alex Sherman Organizations: Disney, ESPN, Penn Entertainment, ESPN Bet, Hulu, CNBC, Penn, Sports, Barstool Locations: U.S
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.
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
Dave Portnoy is once again the owner of Barstool Sports. Portnoy bought the company stock back from PENN Entertainment after a deal initiated in 2020. PENN had finalized its complete acquisition of Barstool this year in the deal worth $551 million. Dave Portnoy is once again the owner of Barstool Sports. On Tuesday, Portnoy, who founded Barstool in 2003 said in a video posted to Twitter: "PENN Entertainment and Barstool Sports have gone our separate ways.
Persons: Dave Portnoy, Portnoy, PENN, Penn, Barstool, David Portnoy, Barstool hasn't, Ben Mintz, Penn's Organizations: Barstool Sports, PENN Entertainment, Morning, Barstool, Twitter, Disney's ESPN, ESPN BET, Penn, ESPN, New York Times, Action Network, Sports, PENN National
U.S. stock futures were little changed Tuesday night following a selloff for the major averages. Dow Jones Industrial Average futures fell by 27 points, or 0.08%. S&P 500 futures dipped 0.06%, while Nasdaq 100 futures declined 0.06%. Still, that's better than where the Dow was at session lows when it declined about 465 points. Entertainment giant Disney and casino operator Wynn Resorts are slated to post quarterly results after the close.
Persons: Dow, Victoria Greene, CNBC's Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Penn Entertainment, ESPN, ESPN Bet, Investors, Dow Jones, Wealth, Entertainment, Disney, Wynn Resorts
Rivian Automotive — Rivian Automotive dipped about 2.5% in extended trading. Super Micro Computer — Super Micro Computer tumbled 12% in extended trading even after reporting an earnings beat. Axon reported second-quarter adjusted earnings of $1.11 per share, exceeding the 62 cents per share consensus estimate from FactSet. Take-Two Interactive Software — Take-Two Interactive Software popped 3.4% in extended trading after reaffirming full-year bookings guidance. Meanwhile, adjusted per share earnings came in at 16 cents, beating the expectation of a loss of 1 cent per share.
Persons: Refinitiv, Twilio, , Lyft Organizations: of, Enterprise, Penn Entertainment, ESPN, ESPN Bet, Refinitiv Locations: Meatpacking, of Manhattan , New York City
David Portnoy, the outspoken founder of Barstool Sports, is once again the owner of his media brand, after buying it back from Penn Entertainment . Barstool Sports was valued at $606 million in February, when Penn bought the rest of the company it didn't already own. Portnoy, who founded Barstool Sports in 2003, said in a post on Tuesday that Penn and Barstool had "gone our separate ways." Penn sold Barstool at the same time that it announced an online sports-betting deal with Disney -owned ESPN. Penn will have the right to 50% of the gross proceeds in the event that Portnoy sells or monetizes Barstool, the release said.
Persons: David Portnoy, Penn, didn't, Portnoy, Barstool, — CNBC's Lilian Rizzo Organizations: Barstool, Monster Energy NASCAR, Las Vegas Motor, Penn Entertainment, Sports, Barstool Sports, Disney, ESPN Locations: Las Vegas, NV
The so-called meme stock trade is gaining steam once again, and several of the most popular stocks among social media traders have serious upside, according to Wall Street analysts. A quick way to check the pulse of social media-driven traders is the Roundhilll Meme Stock ETF (MEME) . The meme stock with the most upside, according to Wall Street analyst targets compiled by FactSet, is battery manufacturer Enovix . Airlines may not be obvious meme stocks, but Delta Air Lines and Spirit Airlines are both holdings in the fund. To be sure, Wall Street analysts are bullish on fewer than half of the holdings in the MEME ETF.
Persons: Enovix, Dave Portnoy Organizations: Wall Street, GameStop, AMC Entertainment, Wall, Penn Entertainment, Penn, Barstool Sports, YouTube, Airlines, Delta Air Lines, Spirit Airlines, Consumer
Lightning Round: I like PENN because gambling is hot again
  + stars: | 2023-02-24 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: I like PENN because gambling is hot againMad Money host Jim Cramer takes calls on all manner of stocks, including Penn Entertainment, Novo Nordisk, Energy Transfer, Take-Two Interactive, Chewy, Palantir and Axcelis Technologies.
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