You must be smoking cow dung again!
There market cap is 1.5 b and dealt kings is over 10 billion this should have popped hit pieces out so people can load for the hen they announce roll out imho .. easy double here
I disagreed with market applauding this news. Maybe temporarily sounds good with espn. Not long term here. In fact I should have shorted the pop
People really hating on this deal , tells me they want in crazy hit pieces out there
In connection with PENN’s decision to rebrand our online sports betting business from Barstool Sportsbook to ESPN Bet pursuant to the Sportsbook Agreement as discussed above, PENN entered into a stock purchase agreement with David Portnoy (the “Barstool SPA”) on August 8, 2023. Pursuant to the Barstool SPA, PENN sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants. Pursuant to the Barstool SPA, PENN has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool.
On August 8, 2023, the Company’s Board of Directors approved the sale to David Portnoy and we classified the assets and liabilities to be disposed in connection with the Barstool SPA as held-for-sale which are measured at the lower of (i) the carrying value when we classified the disposal group as held-for-sale and (ii) the fair value of the disposal group, less costs to sell. The classification of the Barstool business as held-for-sale was considered an event or change in circumstance which requires an assessment of the goodwill and intangible assets of the disposal group for impairment each reporting period until disposal. We are currently quantifying the impact of the Barstool SPA to our unaudited Consolidated Financial Statements, however we expect the carrying value of the net assets held-for-sale to be greater than their fair value, less costs to sell, which is expected to result in a material non-cash loss and the corresponding reversal of the net deferred tax liability of approximately $115.9 million that will have a significant impact to income taxes. See Note 11, “Income Taxes.” The pre-tax non-cash loss on disposal is estimated to be between $800.0 million and $850.0 million (inclusive of $705.0 million to $720.0 million in goodwill and intangible assets write offs) to be incurred in the third quarter of 2023. These material adjustments will be reflected in our September 30, 2023 unaudited Consolidated Statements of Operations and unaudited Consolidated Balance Sheets.
CFRA MAINTAINS BUY OPINION ON SHARES OF PENN ENTERTAINMENT, INC.
12:26 pm ET August 9, 2023 (CFRA)
We maintain our 12-month price target of $44, based on 6.8x our EBITDA estimate, below the company's 10-year average forward EV/EBITDA multiple of 8.4x but more in line with its pre-pandemic multiple. We maintain our 2023 and 2024 EPS estimates of $1.75 and $2.00, respectively. PENN posts normalized Q2 EPS of $0.48 vs. $0.15, $0.09 above consensus estimates on revenues of $1.67B vs. $1.63B and $11M above estimates. By segment, Northeast revenues were flat Y/Y, South declined 9%, West declined 15%, Midwest declined 1%, and Interactive grew 66%. PENN announced it is partnering with ESPN to rebrand barstool sports online sportsbook to ESPN Bet for $1.5B over 10 years and $500M in warrants up front with additional performance warrants based on market share gains. We believe the deal can bring the newly branded OSB into the top 3 in market share across the U.S. and Canada over the next five years. PENN will leverage ESPN to acquire new customers and we expect significant market share gains. We see value in shares.
My timing was good 😆
What are you disagreeing with? I posted the market likes it as the stock hit $32.00 AH
I disagree. Could be good for Penn. but good for Dave
PENN Entertainment and ESPN Enter into Long-Term Exclusive Strategic Alliance for U.S. Online Sports Betting
4:18 pm ET August 8, 2023 (BusinessWire) Print
PENN Entertainment, Inc. ("PENN" or the "Company") (Nasdaq: PENN) today announced that it has entered into a transformative, exclusive U.S. online sports betting ("OSB") agreement with ESPN, Inc. and ESPN Enterprises, Inc (together, "ESPN"). PENN will discuss the ESPN transaction as well as its second quarter 2023 results on its previously scheduled conference call and webcast tomorrow morning at 9:00 a.m. ET. For further information, the Company has posted a presentation to its website regarding the transaction, which can be found here.
ESPN Transaction Highlights:
Exclusive Right to the #1 U.S. Sports Brand: PENN has secured the exclusive right to the ESPN Bet trademark for OSB in the U.S. for an initial 10-year term which may be extended for an additional 10 years upon mutual agreement Launch of ESPN Bet: The online Barstool Sportsbook will be rebranded ESPN Bet in the Fall of 2023; theScore Bet will continue to operate in Canada Deep Integration: ESPN Bet, operated by PENN Interactive, will benefit from exclusive promotional services across ESPN platforms including programming, content, and access to ESPN talent ESPN Becomes a Highly Aligned, Long-Term Strategic Partner: Agreement enables efficient customer acquisition and retention spend across premier sports content Mutually beneficial relationship through ongoing collaboration and warrants PENN has agreed to make $1.5 billion in cash payments to ESPN paid over the initial ten-year term and grant ESPN approximately $500(1) 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 provided by ESPN Upon ESPN Bet meeting certain U.S. OSB market share performance thresholds, ESPN could receive bonus warrants to purchase up to an additional approximately 6.4 million PENN common shares ESPN will have the option, at its discretion, to designate one non-voting Board observer or, upon completion of year 3 of the agreement, designate a Board member subject to satisfying gaming regulatory approval(s) and a minimum ownership threshold Significant Value Creation Potential: Provides an estimated $500 million to $1.0 billion+ of annual long-term Adjusted EBITDA potential in our Interactive segment Rebranded iCasino Product: Powered by our new promotional engine, our new app will include a separate Hollywood-branded iCasino product in those states where permitted
PENN Divests Barstool Sports to Founder David Portnoy: PENN sold 100% of the Barstool Sports, Inc. ("Barstool") common stock to David Portnoy in exchange for certain non-compete and other restrictive covenants. PENN also has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool
Jay Snowden, Chief Executive Officer and President of PENN, commented, "This transformative, exclusive agreement with ESPN marks another major milestone in PENN's evolution from a pure-play U.S. regional gaming operator to a North American entertainment leader. ESPN Bet will be deeply integrated with ESPN's broad editorial, content, digital and linear product, and sports programming ecosystem. ESPN Bet will also benefit from PENN's operational experience, extensive market access and proprietary technology platform, which successfully debuted in the U.S. this July."
Jimmy Pitaro, Chairman of ESPN, said, "After meeting with Jay and the PENN team, it was clear that they were the right long-term strategic partner to build ESPN Bet into a leading U.S. sports betting platform. 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."
Mr. Snowden continued, "In connection with the transaction, we are selling Barstool back to founder David Portnoy. Barstool has been a great partner and we are thankful to Dave Portnoy, Erika Ayers, Dan Katz and their team for helping to rapidly scale our digital footprint across 16 jurisdictions in the U.S. and introducing their audience to our retail and digital products. The divestiture allows Barstool to return to its roots of providing unique and authentic content to its loyal audience without the restrictions associated with a publicly traded, licensed gaming company."
"Our agreement with ESPN will provide us access to the largest ecosystem in sports, with 105 million+ monthly unique digital visitors, an audience of more than 370 million across social platforms, 25 million ESPN+ subscribers, and the nation's #1 fantasy database. PENN's ability to leverage the leading sports media brands in both the U.S. and Canada with ESPN and theScore, combined with our newly launched sports betting app, will allow us to significantly expand our digital footprint and catapult ESPN Bet into a strong podium position in this space. We believe we can achieve substantial adjusted EBITDA in our Interactive Segment over the coming years - and this will translate to very strong free cash flow generation for the Company and value creation for our shareholders," concluded Mr. Snowden.
good call price dropped like dave pants on a saturday after dark
crashed to $23's
Don’t give two titties about your opinion
This is one sh’tty stock & Dave Portnoy the thirsty sexual predator is giving company a bad reputation ! I’m shorting this POS down to $20. Penn shares have fallen 40% since the news first broke that Dave was a thirsty sexual predator back in November & shares will go lower in the future as more stories come out in the future about Dave’s thirstiness.
This stock is floundering. Might come back in 1-2 years. Not 2022. Never happen. Sorry
PENN sucks! Still not bottoming.
Portnoy going down. Taking Peen along with him. Association. Sorry go Penn. Portnoy has to step aside from all his bizness and see what happens. He’s an egoist. Wack job. Hope he move to Pakistan
Nobody pressed charges on Portnoy. He just needs to stay away from airhead girls that's all!
Penn got hit with the Hurricane shutting down the casinos.
Like I said Penn back to $70’s by year's end.
Tell me you didn't watch the emergency broadcast without telling me you didn't watch the emergency broadcast.
Wish I could be you 10k straight up that will never happen. Easy money for me. Wow
Lol. Mr One Bite will just fine and Penn will be $70 plus by year's end.
Portnoy is in big trouble. I think these sexual allegations will destroy his reputation and since PENN is mentioned with him. Here comes $15.00 SP in next couple of months. This guy is Toxic relight now. I’m contacting the lawyers and joining a ton of shareholders!
Portnoy doing a live "emergency" meeting on sexual assault allegation. Basically a rehash of his 12-minute video he released previously.
He's more lathered up this go around though. Stock price seems to be responding positively to it.
All BS... he's got money, and he's not a wacko lib is the reason they went after him in the 1st place. These women should all be locked up for this setup.
Cancel Culture BS crowd can go to hell!!!
but what an investor does in their personal sex life with other legal aged people shouldnt affect the companies stock like this
it looks like an obvious coordinated short attack
I agree. After going through their earnings report presentation, seems like a lot of one-off, unusual expenses last quarter, so I would expect that improves.
I am now averaged in under 58 so its a long hold for me I like the company they just need to cut down their expenses as we get closer Q4.
Very oversold IMHO. We shall see.
Yeah, I am going to wait a bit and get some more. This is an irrational beat down and highly shorted right now. Fundamentals will eventually prevail and I am sticking with what most of the Analysts are saying and that this is a great buying opportunity. I first got in when this was at 6 bucks last year after a panic sell off everywhere in the Market. My only regret is that I didn’t buy more back then as I had the cash and bought other things that haven’t done nearly as well. I have been averaging up since on some of these major dips. A long hold for me.
Averaged down to 63.45 looks like betting stocks getting slammed. I normally don't play catch a falling knife but here I am.....LOL