ESPN Shoves Barstool Aside to Strike Sports Betting Pact
that will put the Disney-owner sports giant into gaming and wagering in a major way.
Under terms of the deal, Penn will pay has $1.5 billion in cash to ESPN over a ten-year term and grant ESPN approximately $500 million of warrants to purchase approximately 31.8 million Penn common shares that will vest ratably over 10 years, in exchange for media, marketing services, brand and other rights.
“We are confident that the combination of our unparalleled audience along with Penn’s operational expertise and state-of-the-art technology provides us with a tremendous opportunity to serve the ever-growing number of consumers interested in betting,” said Jimmy Pitaro, the Disney executive who oversees ESPN.
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