ESPN Financial News

Disney-owned ESPN has licensed its brand for use in a sports betting app, striking a deal in which it will receive $1.5 billion and other considerations from Penn Entertainment

Investing.com — Shares of Penn Entertainment (NASDAQ:PENN) soared in premarket trading Wednesday after the company announced it entered into an exclusive U.S. online sports betting agreement with Disney's (NYSE:DIS) ESPN unit.

ESPN agreed to a $2 billion deal to allow its brand to be used in Penn Entertainment’s online sportsbook, a strategic turn for both companies as they try to tap into the sports-betting sector’s growth. Penn Entertainment, whose shares surged more than 20% after hours on news of the pact, said its Barstool Sportsbook app would be rebranded as ESPN Bet this fall as part of the 10-year agreement. In addition to $1.5 billion in cash over the term of the agreement, ESPN will receive warrants worth about $500 million to purchase shares in Penn.

ESPN the sports media giant. Now brace yourself for ESPN Bet, a rebranding of an existing sports-betting app owned by Penn Entertainment, which is paying $1.5 billion plus other considerations for exclusive rights to the ESPN name. The deal, announced Tuesday, could take Walt Disney Co.-owned ESPN into uncharted waters.

(Reuters) — Walt Disney (NYSE:DIS)'s ESPN and PENN Entertainment have partnered to launch a sports betting business under the brand ESPN Bet, the two companies said on Tuesday.

ESPN is hunting for a strategic partner as it tries to bring order to the messy world of sports streaming—and secure its own future in the process. Talks with potential partners and investors have touched on several roles ESPN can play in the fragmented streaming industry, from carrying local broadcasts for pro sports teams to serving as an industrywide hub to stream any live game, people familiar with the discussions say.

ESPN chairman Jimmy Pitaro says the network could take on a sports league as a minority partner as the network continues its transition from a cable channel to a digital company

Alongside his fellow presenter, Dan Thomas, former Trinidad and Tobago international Shaka Hislop appeared to lose his balance and collapsed while speaking on air. The crew immediately rushed to his aid as Thomas called for assistance. To ensure his well-being, the channel promptly cut to a commercial break. In a subsequent tweet, ESPN reassured viewers that Shaka was conscious and communicating with medical personnel who had attended to him promptly. The incident occurred amidst temperatures of approximately 30 degrees Celsius in California on that particular Sunday. In an update at half-time, Thomas said Hislop had apparently recovered after the incident. «My mate, Shaka, not here, but as it stands, it's good news,» Thomas told viewers. «He's conscious, he's talking, I think he's a little embarrassed about it all. He's apologized profusely. Not a man who likes people to make a fuss of him. Obviously far too early to make any sort of diagnosis, but the important thing is, that Shaka's conscious and we spoke to his family as well, because you imagine seeing that happen live,» Thomas said. The exhibition game saw Spanish giants Madrid overturn a 2-0 deficit to clinch a 3-2 win over Milan.

Foxtel chief executive Patrick Delany can exhale a little. The pay TV company struck a deal last week with ESPN to continue as the local go-to broadcaster for top sport played in the United States.

ESPN and Autograph, the nonfungible token (NFT) platform co-founded by Tom Brady, announced a multi-year partnership on Wednesday that kicks off with a documentary release and an NFT collection. A 10-part ESPN+ documentary series called "Man in the Arena: Tom Brady" chronicles the milestones of the NFL legend's career through a psychological and emotional lens. The docuseries is produced by Religion of Sports, a media company in which Brady is also a co-founder.

In what ESPN Major League Baseball reporter Jeff Passan called the “biggest news day” of his life, scammers hijacked his Twitter account to promote an NFT giveaway.