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Disney's ESPN, Penn Entertainment ink $1.5 billion deal to launch sports betting business
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(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.
Under the terms of the deal, Penn will pay $1.5 billion in cash to ESPN over an initial 10-year term in exchange for brand and other rights provided by ESPN.
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