PENN Entertainment, Inc. (Nasdaq: PENN) (“PENN”) and ESPN, Inc. (“ESPN”) today announced that they have mutually agreed upon the early termination of their exclusive U.S. online sports betting (“OSB”) agreement, effective December 1, 2025.

Under the terms of the original commercial agreement, announced in August 2023, ESPN agreed to provide PENN with media, marketing services and the exclusive right to the ESPN BET trademark for OSB in the U.S. in exchange for $150 million per year in cash payments to ESPN and warrants to purchase common stock of PENN. The agreement had an initial term of 10 years, with the right for either party to terminate the agreement after the third year if specific market share performance thresholds were not met.

“When we first announced our partnership with ESPN

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