ESPN muscled aside the upstart Barstool Sports and struck a major sports-betting pact with operator Penn Entertainment 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.
More to come…