Thursday, August 10, 2023 7:29:03 AM
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.
Recent PENN News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/12/2024 09:11:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/09/2024 12:45:54 PM
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 09/03/2024 10:55:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/03/2024 09:56:16 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 08:15:23 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 11:01:11 AM
- PENN Entertainment Reports Second Quarter Results • Business Wire • 08/08/2024 11:00:00 AM
- Penn Entertainment to Report Second Quarter Results and Host Conference Call and Webcast on August 8 • Business Wire • 06/27/2024 02:00:00 PM
- PENN Entertainment Levels Up Loyalty Rewards for Millions of PENN Play™ Members with Ticketmaster • Business Wire • 06/26/2024 06:30:00 PM
- Honeywell Acquires CAES Systems for $1.9 Billion, Sarepta Therapeutics Surges 34%, Gilead Continues Gains • IH Market News • 06/21/2024 12:00:38 PM
- KKR, CrowdStrike Holdings and GoDaddy Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600 • PR Newswire (US) • 06/07/2024 10:09:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/07/2024 08:21:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/31/2024 08:18:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:44:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:44:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:44:13 PM
- PENN Entertainment Reports First Quarter Results • Business Wire • 05/02/2024 11:00:00 AM
- PENN Entertainment Publishes 2023 Corporate Social Responsibility Report • Business Wire • 04/23/2024 08:12:00 PM
- Apple Loses Market Share in China, GM Surges in Pre-Market Following Upward Revisions for 2024 Projections, and More News • IH Market News • 04/23/2024 11:25:34 AM
- PENN Entertainment Names Aaron LaBerge Chief Technology Officer • Business Wire • 04/22/2024 06:00:00 PM
- PENN Entertainment to Report First Quarter Results and Host Conference Call and Webcast on May 2 • Business Wire • 04/02/2024 02:00:00 PM
- ESPN BET Launches in North Carolina • Business Wire • 03/11/2024 06:25:00 PM
- PENN Entertainment to Participate in J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on March 14 • Business Wire • 03/07/2024 07:38:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:59:47 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:46:13 PM
FEATURED Nightfood Signs Letter of Intent to Acquire Los Angeles Cooking School, Integrating Automation and Robotics with World-Class Culinary Training • Oct 1, 2024 8:30 AM
FEATURED ZenaTech, Inc. (NASDAQ: ZENA) To Commence Trading Today • Oct 1, 2024 7:00 AM
Integrated Ventures, Inc Reports Total 2024 Revenues Of $5,863,935 vs $3,862,849 for 2023. • INTV • Oct 1, 2024 9:00 AM
Element79 Gold Corp secures loi for launching tailings reprocessing business in Arequipa, Peru • ELMGF • Oct 1, 2024 6:38 AM
BARRON'S COVE to Premier at the Hamptons International Film Festival • APHP • Sep 30, 2024 2:56 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM