---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-088855"
form_type: "8-K"
ticker: "PENN"
cik: "0000921738"
company_name: "PENN Entertainment, Inc."
filed_at: "2023-08-08T23:59:59+00:00"
generated_at: "2026-06-12T03:31:18.350682+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# PENN partners with ESPN, rebrands sportsbook as ESPN Bet; divests Barstool back to founder

## Summary
- Exclusive 10-year (renewable 10) agreement to use ESPN Bet trademark for U.S. online sports betting; rebrand this fall.
- PENN to pay ESPN $150M/year in cash over initial term (~$1.5B total) plus warrants for ~31.8M PENN shares.
- ESPN receives warrants valued at ~$500M; bonus warrants up to ~6.4M shares if ESPN Bet hits 20-25% market share.
- Barstool Sports sold 100% to Dave Portnoy for non-compete covenants; PENN keeps 50% of any future sale proceeds.
- PENN estimates long-term Interactive Adj. EBITDA potential of $500M-$1B+ annually from the ESPN partnership.

## SEC filing metadata
- accession: 0001104659-23-088855
- form_type: 8-K
- ticker: PENN
- cik: 0000921738
- company_name: PENN Entertainment, Inc.
- filed_at: 2023-08-08T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/921738/000110465923088855/0001104659-23-088855-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/921738/000110465923088855/tm2323045d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-088855
- JSON: https://secwatch.observer/filing/0001104659-23-088855.json
- Plain text: https://secwatch.observer/filing/0001104659-23-088855.txt

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