Disney (DIS) is set to report its fiscal third quarter earnings after the bell on Wednesday after the company revealed its flagship sports network ESPN has struck a $2 billion deal with Penn Entertainment (PENN) to launch ESPN Bet, a branded sportsbook.
This marks the network’s first foray into the world of sports betting. ESPN is licensing its brand to Penn versus launching its own sportsbook.
The news comes as investors are bracing for a challenging report, with questions about ESPN’s direct-to-consumer push and the future of Disney’s TV assets. Last month, Iger said he would take an “expansive” look at the entertainment giant’s traditional TV assets, signaling the potential for strategic options that could include a sale. He also said the company is open to strategic partners, either through a joint venture or part ownership, for ESPN to enable it to make the transition to streaming.
Here’s what Wall Street expects, according to Bloomberg consensus estimates:
Revenue: $22.52 billion…
2023-08-09 08:51:30
Original from finance.yahoo.com