---
schema_version: "secwatch.filing_event.v1"
accession: "0000921738-25-000040"
form_type: "8-K"
ticker: "PENN"
cik: "0000921738"
company_name: "PENN Entertainment, Inc."
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-17T00:08:22.748221+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# PENN terminates ESPN BET deal, posts Q3 net loss of $865M; new $750M buyback authorized

## Summary
- Q3 net loss $865.1M ($6.03 diluted loss); revenue $1.72B (+5% YoY); Adj EBITDA $194.9M.
- PENN and ESPN mutually terminate OSB agreement effective Dec 1, 2025; PENN pays $38.1M in Q4 plus $5M for media.
- ESPN retains vested warrants for 7.96M shares at $28.95; all unvested and performance warrants forfeited.
- PENN to rebrand sportsbook to theScore Bet; realigns digital focus on iCasino and Canadian operations.
- Board approved new $750M share repurchase program for Jan 1, 2026 – Dec 31, 2028.

## SEC filing metadata
- accession: 0000921738-25-000040
- form_type: 8-K
- ticker: PENN
- cik: 0000921738
- company_name: PENN Entertainment, Inc.
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 8.01, 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/921738/000092173825000040/0000921738-25-000040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/921738/000092173825000040/penn-20251105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000921738-25-000040
- JSON: https://secwatch.observer/filing/0000921738-25-000040.json
- Plain text: https://secwatch.observer/filing/0000921738-25-000040.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.