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☆ 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
☆ 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
☆ 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
☆ 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
☆ Penn Entertainment beats profit estimates on rising demand for sports betting
  + stars: | 2023-08-09 | by ( ) www.reuters.com   time to read: +1 min
Aug 9 (Reuters) - Penn Entertainment (PENN.O) reported a better-than-expected quarterly profit on Wednesday, as visitors return to its casinos and demand for online sports betting rises. Shares of the company rose ~15% in premarket hours. Sports betting is live in 34 states and Washington, D.C. and is legal but not yet operational in another four, according to the American Gaming Association. Revenue from Penn's "Interactive segment," which includes online sports betting, increased 66.2% in the second quarter ended June 30. Penn reported a net profit of 48 cents per share for the reported quarter, compared with expectations of 42 cents per share, as per Refinitiv data.
Persons: Walt Disney's, Jay Snowden, Penn, Aishwarya Jain, Shailesh Organizations: Penn Entertainment, Tuesday, ESPN, ESPN Bet, Sports, American Gaming Association, Revenue, Penn's, Thomson Locations: United States, Washington
☆ 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
☆ Stocks making the biggest moves premarket: Penn Gaming, Lyft, WeWork and more
  + stars: | 2023-08-09 | by ( Pia Singh | ) www.cnbc.com   time to read: +3 min
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
☆ 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
☆ These are Wall Street's favorite gambling stocks as ESPN jumps into online sports betting. One is expected to rally 50%
  + stars: | 2023-08-09 | by ( Pia Singh | ) www.cnbc.com   time to read: +3 min
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
☆ 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
☆ 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
☆ Penn Entertainment to create ESPN Bet, sells Barstool back to David Portnoy
  + stars: | 2023-08-08 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +1 min
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
☆ 'ESPN BET' is a smaller move into sports betting than expected for ESPN: media mogul Tom Rogers
  + stars: | 2023-08-08 | 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 Email'ESPN BET' is a smaller move into sports betting than expected for ESPN: media mogul Tom RogersHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Tom Rogers, Brian Sullivan, “ Organizations: ESPN BET, ESPN, CNBC
☆ ESPN launches sportsbook in partnership with Penn Entertainment
  + stars: | 2023-08-08 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +3 min
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
☆ ESPN Enters Sports Gambling in $2 Billion Deal With Casino Company
  + stars: | 2023-08-08 | by ( Kellen Browning | More About Kellen Browning | ) www.nytimes.com   time to read: +1 min
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
☆ Stock futures are little changed after Tuesday's losses: Live updates
  + stars: | 2023-08-08 | by ( Sarah Min | ) www.cnbc.com   time to read: +1 min
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
☆ Stocks making the biggest moves after hours: Penn Entertainment, Super Micro Computer, Rivian and more
  + stars: | 2023-08-08 | by ( Sarah Min | ) www.cnbc.com   time to read: +3 min
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
☆ Dave Portnoy buys Barstool Sports back for next to nothing, years after selling it
  + stars: | 2023-08-08 | by ( Katherine Tangalakis-Lippert | Ashley Rodriguez | ) www.businessinsider.com   time to read: +3 min
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
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