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☆ Media insiders say ESPN's new sports-betting push could help it court a younger crowd and set up a spinoff from Disney
▼ + stars: | 2023-08-14 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Industry insiders say ESPN's deal with Penn Entertainment could signal a potential ESPN spinoff from Disney. Disney announced a $2 billion deal with casino operator Penn Entertainment to create ESPN Bet. ESPN's $2 billion Penn Entertainment deal rocked the sports-betting world — and also renewed speculation among industry insiders that Disney could spin off its media crown jewel. For ESPN, it's not as material, but it's helpful — ESPN has locked in a 10-year partner with guaranteed pay so that improves the visibility of ESPN's revenue. To be sure, some industry watchers have questioned how the deal positions ESPN's ability to catch up in the sports-betting race.

Persons: Bob Iger, Jonathan Miller, Penn, Alex Iosilevich, it's, It's, Iger, — DraftKings, sportsbooks, LightShed, Peyton Manning's, Ashley Rodriguez Organizations: Industry, Penn Entertainment, ESPN, Disney, ESPN Bet, what's, Hearst, CNBC, NFL, NBA, MLB, Integrated Media Co, Caesars Entertainment, Penn, LightShed Partners, American Gaming Association, Amazon, Comcast, Peyton Manning's Omaha Productions, Front Office Sports Locations: Saudi

Many opponents of renewable energy, she added, “are worried about the impacts to their very way of life.”Roadside opposition to renewable energy projects near Baldwin City, Kan. “We see offshore wind as a critical technology,” said Dan Burgess, the director of the Maine Governor’s Energy Office. Across the country, clean energy projects of all types are tied up in lengthy permitting processes. By then, India had not completed any offshore wind projects. Since 2000, the United States has barely built any major transmission lines that connect different regions of the country.

Persons: Scott Dickerson, ”, Biden, Alison Bates, “, Columbia University’s, Dan Burgess, Habib Dagher, Janet Mills, Gregory Wetstone, Mack, James Gillway, SunZia, ” Hunter Armistead, Broussard, There’s, Vaughan Woodruff, Tucker Carlson, Teslas, ” Ali Zaidi, Dagher, Rolf Olsen, who’s Organizations: University of Maine, Sears, Officials, Federal, International Energy Agency, Colby College, White, Columbia, Climate, The University of, Maine Governor’s Energy, Environmental, University of Maine’s, Composites Center, Gov, American Clean Power Association, American Council, Renewable Energy, Environmental Protection Agency, Army Corps of Engineers, . Clean, Union United, China India European Union United States, China European Union United, China India United States European, China United States European Union, China United States European Union India, Energy, The New York Times, United, Pattern Energy, New York State Energy Research, Development Authority, Toyota Prius Locations: Penobscot Bay, Maine, , Maine, United States, Europe, China, Australia, India, Los Angeles, Ohio, Jersey Shore, Waterville , Maine, Baldwin City, Kan, Massachusetts, Ukraine, Gulf, Searsport , Maine, Searsport, Bangor, Mack, West, Union United States, U.S, China United States European Union India, Great, New Mexico, Arizona, California, Riesel , Texas, Energy, San Bernardino County, In Kansas, Atlantic City, N.J, New York, Manhattan, Sears

☆ PENN Entertainment shares drop below pre-ESPN deal levels
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPENN Entertainment shares drop below pre-ESPN deal levelsJoe Pompliano, Sport Business Analyst, joins 'Last Call' to talk the PENN-ESPN deal, why Penn's stock is lower and what the future of the partnership could look like.

Persons: Joe Pompliano Organizations: PENN Entertainment, ESPN, Sport Business, PENN

☆ Stocks making the biggest moves midday: AppLovin, Roblox, Tapestry, Alibaba and more
▼ + stars: | 2023-08-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

AppLovin said it anticipates revenue to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Alibaba — U.S.-traded shares rose 4.3% Thursday after the Chinese company beat analysts' expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv. Earlier this week, Fleetcor posted adjusted earnings of $4.19 per share on revenue of $948.2 million. Analysts polled by FactSet called for earnings of $4.17 per share on revenue of $945 million.

Persons: Kate Spade, AppLovin, Alibaba, Versace, Jimmy Choo, Michael Kors, Wynn, Refinitiv, Jefferies, Truist, Nick McKay, Fleetcor, FactSet, — CNBC's Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li, Alex Harring Organizations: Disney —, Disney, Capri Holdings, Capri, Wynn, —, Penn Entertainment, Disney's ESPN, Wedbush Locations: Marina, Sands, Singapore, Alibaba —, Wednesday's

☆ Here are Thursday's biggest analyst calls: Nvidia, Tesla, Home Depot, Disney, Ulta, Nio, Penn & more
▼ + stars: | 2023-08-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

TD Cowen reiterates Home Depot as outperform TD said the stock is best-in-class heading into earnings next week. " Deutsche Bank names Walmart and Ulta as top picks Deutsche said it sees upside to estimates for Walmart due to GLP-1 obesity drugs. Citi downgrades Petrobras to neutral from buy Citi downgraded the Brazilian petroleum company mainly due to political risks. " Bank of America reiterates Disney as buy Bank of America said it's standing by its buy rating on the stock after Wednesday's earnings and that its valuation is attractive. Bank of America reiterates Tesla as neutral Bank of America said it's standing by its neutral rating on the stock as cutting prices is keeping margins under pressure. "

Persons: Morgan Stanley, TD Cowen, Ulta, Oppenheimer, Freshpet, Jefferies, GPN, Penn, Truist, PENN, Goldman Sachs, Goldman, Davidson, Nio, NIO, Tesla, TSLA Organizations: Nvidia, NVIDIA, Deutsche Bank, Walmart, Deutsche, Citi, Petrobras, Bank of America, Disney, DIS, Jefferies, ESPN, Networks, Holdings, DA, of America Locations: Palo Alto

☆ Disney just hiked streaming prices by almost 30% and Wall Street is thrilled
▼ + stars: | 2023-08-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Disney announced higher prices for its streaming services, and Wall Street is loving it. The entertainment company hiked prices for Disney+, Hulu, and ESPN by almost 30%. Here's what Wall Street is saying about Disney's price hikes and 3rd-quarter earnings results. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Here's how Wall Street reacted to Disney's earnings report and streaming price hikes.

Persons: Disney, Goldman Sachs, JPMorgan Organizations: Disney, ESPN, Service, Hulu, Bank of America, PENN, ESPN BET, " Bank of America, JPMorgan Locations: Hulu, Wall, Silicon, Parks

☆ Truist downgrades Penn Entertainment, says uncertainty lingers over ESPN partnership
▼ + stars: | 2023-08-10 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Truist isn't sold on Penn Entertainment's partnership with ESPN. The company made headlines this week after announcing a deal with Disney's ESPN to relaunch its sports betting app as ESPN Bet . Penn shares rallied more than 9% on the news, marking their best day since June 24, 2022 — when they surged 12.7%. PENN 5D mountain Penn Entertainment shares surged after ESPN deal announcement But Truist analyst Barry Jonas said traders still need time to "digest" the news. Penn Entertainment stock has slipped nearly 9% from the start of the year.

Persons: Truist isn't, Penn, Barry Jonas, they're, Jonas, PENN mgmt, — CNBC's Michael Bloom Organizations: Penn, ESPN, ESPN Bet, Bartstool, PENN, Penn Entertainment, Disney

☆ How ESPN's $2 billion sports-betting deal could set it up for a spinoff from Disney, according to industry insiders
▼ + stars: | 2023-08-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Industry insiders say ESPN's deal with Penn Entertainment could signal a potential ESPN spinoff from Disney. Disney announced a $2 billion deal with casino operator Penn Entertainment to create ESPN Bet. ESPN's $2 billion Penn Entertainment deal rocked the sports-betting world — and also renewed speculation among industry insiders that Disney could spin off its media crown jewel. To be sure, some industry watchers have questioned how the deal positions ESPN's ability to catch up in the sports-betting race. According to the American Gaming Association, sports betting grossed $7.5 billion in gaming revenue in 2022, up 75% from 2021.

Persons: Bob Iger, Jonathan Miller, Penn, Alex Ilosevich, it's, It's, Iger, — DraftKings, sportsbooks, LightShed, Peyton Manning's, Ashley Rodriguez Organizations: Industry, Penn Entertainment, ESPN, Disney, ESPN Bet, what's, Hearst, CNBC, NFL, NBA, MLB, Integrated Media Co, Caesars Entertainment, Penn, LightShed Partners, American Gaming Association, Amazon, Comcast, Peyton Manning's Omaha Productions, Front Office Sports Locations: Saudi

It's clear to the four major U.S. professional sports leagues that Disney 's ESPN is potentially interested in them taking an equity stake in the network. Talks have had few specifics, said the people, but may heat up as ESPN attempts to reach a rights renewal deal with the NBA. Sources say Disney is targeting 2025 as a potential launch date for an unbundled-from-cable ESPN streaming service. Disney has informed the leagues that it's also holding separate talks with strategic investors who can provide distribution benefits, according to people familiar with the matter. "We're looking for partners that are going to help ESPN successfully transition to a [direct-to-consumer] model," Iger said Wednesday.

Persons: Nikola Jokic, ESPN's Lisa Salters, Disney, Bob Iger, it's, Iger, I've Organizations: Denver Nuggets, Nuggets, Los Angeles Lakers, Crypto.com Arena, Disney, ESPN, National Basketball Association, Major League Baseball, NBA, Comcast, Penn Entertainment, Football, MLB Locations: Los Angeles, Hulu

☆ Eating disorders run rampant on university campuses. How to protect your college-bound kid
▼ + stars: | 2023-08-10 | by ( Analysis Oona Hanson | ) edition.cnn.com time to read: +8 min

Editor’s Note: Oona Hanson is a parent coach in private practice and a family mentor at Equip, an eating disorder treatment program. Eating disorders can affect people of all genders and ethnicities,” said Lauren Muhlheim, a clinical psychologist in Los Angeles and the director of Eating Disorder Therapy LA. Food insecurity in collegeBody image concerns and dieting aren’t the only potential disruptors to a college student’s eating behavior. Warning signs of an eating disorder include weight loss, mood changes, social isolation, or a preoccupation with food, weight or exercise. While there is no way to prevent every eating disorder, awareness of risk factors and open communication can make a difference.

Persons: Oona Hanson, ”, Leslie Gee, “, Lauren Muhlheim, Edwin Tan, it’s, It’s, Toby Morris, Whitney Trotter, Trotter, Morris, ” Gee, Muhlheim, Sarah Minkow, Charday Penn, ” Morris Organizations: CNN, University of California, National Alliance for Eating Disorders Locations: Berkeley, Los Angeles, Memphis , Tennessee

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said, its first decline since February 2021. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners. The S&P 500 posted 16 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 60 new highs and 178 new lows.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Consumer, Index, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, National Bureau of Statistics, Dow Jones, Bank of America, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight acceleration from last year. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said on Wednesday, its first decline since February 2021. According to preliminary data, the S&P 500 (.SPX) lost 31.47 points, or 0.70%, to end at 4,467.91 points, while the Nasdaq Composite (.IXIC) lost 162.31 points, or 1.17%, to 13,723.96. Six of the top 11 S&P 500 sectors rose, with energy stocks (.SPNY) leading the gain. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Michelle Bowman, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, Index, Bank of America, National Bureau of Statistics, Dow Jones, Casino, Walt, Walt Disney's ESPN, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

☆ Two analysts break down ESPN's partnership with Penn Entertainment
▼ + stars: | 2023-08-09 | by ( ) www.cnbc.com time to read: 1 min

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

☆ Disney's ESPN strikes $2B sports betting deal with Penn Entertainment
▼ + stars: | 2023-08-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDisney's ESPN strikes $2B sports betting deal with Penn EntertainmentCNBC's Julia Boorstin joins 'The Exchange' to discuss Disney's upcoming earnings report, a decline in Disney's Florida theme park performance, and ESPN's $2 billion investment into Penn entertainment sports betting deal.

Persons: Julia Boorstin Organizations: ESPN, Penn Entertainment Locations: Disney's Florida, Penn

☆ PENN Entertainment CEO Jay Snowden sits down with Jim Cramer to talk ESPN partnership
▼ + stars: | 2023-08-09 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

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

☆ ESPN launches sportsbook with Penn Entertainment—Here's what investors should know
▼ + stars: | 2023-08-09 | by ( ) www.cnbc.com time to read: 1 min

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

☆ Dave Portnoy is the only natural owner for Barstool Sports long-term, says PENN CEO Jay Snowden
▼ + stars: | 2023-08-09 | by ( Jim Cramer | ) 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 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

☆ Here's how analysts say to trade Disney ahead of its earnings announcement
▼ + stars: | 2023-08-09 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

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

☆ Stocks making the biggest moves midday: Roblox, Penn Entertainment, Upstart and more
▼ + stars: | 2023-08-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

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

☆ After divesting Barstool Sports, Penn Entertainment CEO says Dave Portnoy is the only 'natural owner' for the company long term
▼ + stars: | 2023-08-09 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

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

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

"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

☆ 3 key questions Disney analysts say CEO Bob Iger faces ahead of earnings, as concerns mount about succession and streaming profits
▼ + stars: | 2023-08-09 | by ( Reed Alexander | Lucia Moses | ) www.businessinsider.com time to read: +12 min

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

☆ DraftKings falls 10% on new threat for sports gambling market share from ESPN-Penn partnership
▼ + stars: | 2023-08-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

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

☆ Disney's big sports-betting deal has industry insiders abuzz about possibilities, from a potential ESPN spinoff to heightened competition
▼ + stars: | 2023-08-09 | by ( Ashley Rodriguez | Margaret Fleming | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Gambling industry insiders thought Disney CEO Bob Iger might make quick work of setting a sports-betting strategy when he took back the reins of the ESPN owner late last year. Here's what industry insiders are saying about the deal:1. Industry insiders like affiliate marketing company Gambling.com's Max Bichsel aren't sure about that prediction.

Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Gambling.com's Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada

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