PENN falls after ending sports betting deal with ESPN

PENN Entertainment

06/11/2025 17:08

** Shares of casino operator PENN Entertainment PENN.O fall 3.6% to $15.77

** PENN and ESPN mutually agree to end their exclusive U.S. online sports betting partnership, effective December 1

** Payments from PENN to ESPN will stop in Q4 2025

** Cos will work to rebrand existing U.S. online sports betting platform from ESPN BET to theScore Bet

** PENN says it will remain an ESPN advertising client

** ESPN will retain vested warrants that give it the right to buy almost 8 million shares of PENN stock at about $28.95 per share

** PENN also reports Q3 revenue of $1.72 bln, and adj loss of 22 cents per share, both missing analysts' average estimates, according to data compiled by LSEG

** Up to last close, stock had fallen ~18% YTD

 (Reporting by Arnav Mishra in Bengaluru)

 ((Arnav.Mishra@thomsonreuters.com))