Penn Entertainment’s earnings calls have been known to include breaking news.
Whether it’s an agreement to buy Canadian-based theScore in 2021, the acquisition of Barstool Sports and the eventual decision to sell it back to Dave Portnoy in 2023, or the seemingly groundbreaking 10-year exclusive online sports betting agreement with ESPN in August 2023, Penn has been known to generate headlines.
Thursday morning, the Pennsylvania operator was at it again, announcing it was terminating its agreement with ESPN.
“I’ve been talking about this the last several quarters,” Penn Entertainment CEO Jay Snowden said during the third quarter earnings call Thursday, “that three years out, both companies are going to have to do in their best interests. And I think that we figured out a path forward, that was in both company’s best interests.”
