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.
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.
In return, Penn will rebrand its existing sports betting app as ESPN Bet, which ESPN has agreed to promote across its online and broadcast platforms in order to generate “maximum fan awareness” of the app.
Penn also announced that it sold Barstool Sports, an irreverent sports media site, back to its founder Dave Portnoy.
