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...US sports betting company Penn Entertainment is ending its $551mn purchase of Barstool Sports and will instead co-brand its sportsbooks with Disney’s ESPN, a first for the cable network....
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...JD Sports will pay $87.50 per Hibbett share in cash, representing a premium of about 21 per cent to the US company’s last closing price....
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...On Tuesday, Penn will send a prompt to the 2mn customers on its Barstool sportsbook to download the ESPN Bet app....
...The trio will provide their live sports content via one streaming platform. Sports-as-a-package is already widely available. It is the backbone of traditional linear pay TV....
...It has avoided live sports both because of the high cost but also the technical and cultural challenges of combining streaming and sports....
...JD Sports, which issued a rare profits warning in January, flagged “challenging” trading conditions — which it hopes a packed sports summer will help it withstand — in its update this week....
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...“This platform is not in the business of acquiring sports rights,” said the person involved in the new business....
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...“We’re not anti-sports, but pro-profitable growth,” Sarandos said....
...Run by the Department for Digital, Culture, Media and Sport and with an annual capital budget of £330,000, the GAC plans to spend a low five-figure sum during the event, though this could be on a series...
...Regardless of the outcome, it seems a good time to be a sports lawyer....
...As part of the transaction, Penn is cutting ties with existing partner Barstool Sports after spending $550mn to acquire it, handing the keys back to founder Dave Portnoy for effectively $0 and schmuck insurance...
...“Where we can really differentiate and outcompete everybody is in the storytelling of sports, the drama of sports,” he said....
...A version of this article was first published by Nikkei Asia on March 6. ©2024 Nikkei Inc. All rights reserved....
...Both DraftKings and Barstool, from which casino group Penn Entertainment exited its investment this week, declined interview requests....
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