Disney's ESPN, Penn Entertainment ink $1.5 billion deal to launch sports betting businessUnder the terms of the deal, Penn will pay $1.5 billion in cash to ESPN over an initial 10-year term in exchange for brand.
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The logo of the Times Square Disney store is seen in Times Square, New York City, U.S. December 5, 2019.
Credit: Reuters photo
Walt Disney's ESPN and PENN Entertainment have partnered to launch a sports betting business under the brand ESPN Bet, the two companies said on Tuesday.
Under the terms of the deal, Penn will pay $1.5 billion in cash to ESPN over an initial 10-year term in exchange for brand and other rights provided by ESPN.