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As ESPN\u2019s future drifts in the direct-to-consumer wind, a deal with Penn Entertainment<\/a> will let the sportsbook rename existing properties, like its Barstool Sportsbook, to ESPN Bet. In return, Penn is scheduled to pay ESPN $1.5 billion<\/a> over the next ten years, as well as $500 million in warrants to buy shares of the operation and, potentially, the ability to appoint a board member.<\/p>\n<\/div>\n In early 2022, then-Disney CEO Bob Chapek said<\/a> Disney\u2019s opportunity \u201cextends to sports betting, gaming, and the Metaverse.\u201d Now, Chapek is gone, the metaverse team is dismantled<\/a>, and new\/old CEO Bob Iger described<\/a> its gambling strategy in an interview as \u201c…we\u2019re not actually causing the bets to be made. We\u2019re just enabling people to link to companies that do that.\u201d Iger is also trying to navigate to a direct-to-consumer future for ESPN<\/a> and is reportedly looking for partners (including major sports leagues, maybe) as the network\u2019s cable TV customer base continues to shrink as viewer habits move to streaming.<\/p>\n<\/div>\n In practice, this is what Iger\u2019s plan looks like, with ESPN providing promotional services, access to ESPN talent, and branding betting content on its platforms under the ESPN banner. <\/p>\n<\/div>\n As part of the deal, Penn is undoing its arrangement with Barstool, the company it purchased, in steps that were completed in February, for over $500 million, and selling that company back to founder Dave Portnoy \u201cin exchange for certain non-compete and other restrictive covenants,\u201d as well as an agreement that Penn gets half of any deals he makes to resell or monetize Barstool. <\/p>\n<\/div>\n In a video posted to social media, Portnoy confirmed that \u201cfor the first time in a decade,\u201d he again owned 100 percent of Barstool, complimenting Penn and saying he continued to own stock in that company. According to Portnoy, \u201cEvery time we did something, it was one step forward, two steps back. We got denied licenses because of me. You name it.\u201d <\/p>\n<\/div>\n