PENN has agreed to make $1.5 billion in cash payments to ESPN paid over the initial ten-year term and grant ESPN approximately $500 1 million of warrants to purchase approximately 31.8 million PENN common shares that will vest ratably over 10 years, in exchange for media, marketing services, brand and other rights provided by ESPN Mutually beneficial relationship through ongoing collaboration and warrants

ESPN Becomes a Highly Aligned, Long-Term Strategic Partner: Agreement enables efficient customer acquisition and retention spend across premier sports content.

Deep Integration: ESPN Bet, operated by PENN Interactive, will benefit from exclusive promotional services across ESPN platforms including programming, content, and access to ESPN talent.

Launch of ESPN Bet: The online Barstool Sportsbook will be rebranded ESPN Bet in the Fall of 2023 theScore Bet will continue to operate in Canada.

for an initial 10-year term which may be extended for an additional 10 years upon mutual agreement

Sports Brand: PENN has secured the exclusive right to the ESPN Bet trademark for OSB in the U.S. For further information, the Company has posted a presentation to its website regarding the transaction, which can be found here. PENN will discuss the ESPN transaction as well as its second quarter 2023 results on its previously scheduled conference call and webcast tomorrow morning at 9:00 a.m. and ESPN Enterprises, Inc (together, “ESPN”). online sports betting (“OSB”) agreement with ESPN, Inc.

(“PENN” or the “Company”) (Nasdaq: PENN) today announced that it has entered into a transformative, exclusive U.S. WYOMISSING, Pa.-( BUSINESS WIRE)-PENN Entertainment, Inc.

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