* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, May 30, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Rachel Guttman Launches Entertainment Law Firm Gutt Law, PLLC [Exclusive] – MusicRow.com

    Rachel Guttman Unveils Exciting New Entertainment Law Firm: Gutt Law, PLLC!

    HYBE Cashes In: Offloads Final Stake in K-Pop Rival SM Entertainment for $177 Million!

    Allied Gaming & Entertainment Receives Expected Nasdaq Notice Regarding Delayed Quarterly Report – Business Wire

    Allied Gaming & Entertainment Faces Nasdaq Notice Over Delayed Quarterly Report

    Weekly Entertainment Report May 29-June 1: Where to find lively arts, music, and shows – Manchester Ink Link

    Weekly Entertainment Report May 29-June 1: Where to find lively arts, music, and shows – Manchester Ink Link

    Aziz Ansari made Keanu Reeves Indian food so he wouldn’t feel ‘freaked out’ directing him in Good Fortune (exclusive) – Entertainment Weekly

    Aziz Ansari Whips Up Indian Cuisine for Keanu Reeves to Ease Directing Jitters in Good Fortune

    Cassie Ventura welcomes third child – crossroadstoday.com

    Cassie Ventura Joyfully Welcomes Her Third Child!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Finland to head EU’s quantum defense technology project – Latest news from Azerbaijan

    Finland Takes the Lead in Pioneering EU’s Quantum Defense Technology Initiative!

    i3D Robotics Unveils Breakthrough Glass Defect Detection Technology – USGlass Magazine

    Revolutionary Glass Defect Detection Technology Unveiled by i3D Robotics!

    4Liberty Announces Collaboration with Itron to Drive Innovation in Utility Technology Adoption and Optimization – FinancialContent

    4Liberty Partners with Itron to Revolutionize Utility Technology and Boost Innovation

    Q1 2025 Quantum Technology Investment: What’s Driving the Surge in Quantum Investment? – The Quantum Insider

    Unleashing the Future: Exploring the Surge in Quantum Technology Investments for Q1 2025

    MIT Team Releases Tempting Report on Electric Aircraft Technology – AVweb

    MIT Team Releases Tempting Report on Electric Aircraft Technology – AVweb

    MSE, DXC Technology expand tech partnership – Sports Business Journal

    MSE, DXC Technology expand tech partnership – Sports Business Journal

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Rachel Guttman Launches Entertainment Law Firm Gutt Law, PLLC [Exclusive] – MusicRow.com

    Rachel Guttman Unveils Exciting New Entertainment Law Firm: Gutt Law, PLLC!

    HYBE Cashes In: Offloads Final Stake in K-Pop Rival SM Entertainment for $177 Million!

    Allied Gaming & Entertainment Receives Expected Nasdaq Notice Regarding Delayed Quarterly Report – Business Wire

    Allied Gaming & Entertainment Faces Nasdaq Notice Over Delayed Quarterly Report

    Weekly Entertainment Report May 29-June 1: Where to find lively arts, music, and shows – Manchester Ink Link

    Weekly Entertainment Report May 29-June 1: Where to find lively arts, music, and shows – Manchester Ink Link

    Aziz Ansari made Keanu Reeves Indian food so he wouldn’t feel ‘freaked out’ directing him in Good Fortune (exclusive) – Entertainment Weekly

    Aziz Ansari Whips Up Indian Cuisine for Keanu Reeves to Ease Directing Jitters in Good Fortune

    Cassie Ventura welcomes third child – crossroadstoday.com

    Cassie Ventura Joyfully Welcomes Her Third Child!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Finland to head EU’s quantum defense technology project – Latest news from Azerbaijan

    Finland Takes the Lead in Pioneering EU’s Quantum Defense Technology Initiative!

    i3D Robotics Unveils Breakthrough Glass Defect Detection Technology – USGlass Magazine

    Revolutionary Glass Defect Detection Technology Unveiled by i3D Robotics!

    4Liberty Announces Collaboration with Itron to Drive Innovation in Utility Technology Adoption and Optimization – FinancialContent

    4Liberty Partners with Itron to Revolutionize Utility Technology and Boost Innovation

    Q1 2025 Quantum Technology Investment: What’s Driving the Surge in Quantum Investment? – The Quantum Insider

    Unleashing the Future: Exploring the Surge in Quantum Technology Investments for Q1 2025

    MIT Team Releases Tempting Report on Electric Aircraft Technology – AVweb

    MIT Team Releases Tempting Report on Electric Aircraft Technology – AVweb

    MSE, DXC Technology expand tech partnership – Sports Business Journal

    MSE, DXC Technology expand tech partnership – Sports Business Journal

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Entertainment

Analysts warn of hurdles for Boyd’s reported Penn bid  

June 22, 2024
in Entertainment
Analysts warn of hurdles for Boyd’s reported Penn bid  
Share on FacebookShare on Twitter

Industry analysts at Barclays and Deutsche Bank have flagged various challenges in Boyd’s potential bid for Penn Entertainment, including Penn’s complex ESPN Bet deal with Disney and the product being seen as undervalued by the market.

Reuters reported today (21 June) that US casino operator Boyd Entertainment has presented Penn with a takeover bid that valued the latter at over $9bn.  

Both Deutsche Bank and Barclays expect Penn would not be interested in a deal with that proposed valuation. Penn would unlikely be a “willing seller” at this time and the deal would present challenges for Boyd, Barclays suggested. 

In a note on Friday, Deutsche Bank said it believed the valuation cited in the report was incorrect. Instead it estimated that Penn was trading at ~5.1x 2024 enterprise value (market cap + traditional net debt) to EBITDA.

The note said the deal could result in a very favourable transaction for Boyd at the right valuation ($25-$30 range).  Penn currently has an enterprise value of between $13.5bn and $13.6bn.  

Issues that could derail Boyd’s potential Penn bid

However, both banks foresee various issues that could stifle acquisition talks. For example, Barclays believes Penn has more confidence in its digital strategy than the market currently does.  

While Barclays also said it expected Penn to have more confidence in ESPN Bet’s ability to “gain ground from here, versus what the market expects, and its current share price implies”. 

In May activist investor Donerail Group urged the company to sell assets to generate “meaningful and certain” value creation for investors. 

At the time the hedge fund manager said: “While we understand that ESPN Bet appears as the company’s newest bright and shiny object that may very well have significant value under the right owners, we ask that the board take a moment to reflect objectively on the past four years of execution, assess the shareholder capital that has been destroyed and recognise that shareholders may simply be tired of continued gambling on uncertain outcomes.”  

Penn’s interactive revenue, including ESPN Bet, fell 11.1% to $207.7m over Q1, which Penn attributed to unfavourable hold on the major sporting events over the quarter.   

Deutsche Bank said it believed the market was likely pricing in little to no equity value for Penn’s B2C interactive assets in its valuation of the overall business.

Impact on Disney

On Monday (17 June) Truist Securities said it thought the market undervalued Penn’s ESPN Bet product as it has provided Disney with third party access to the gambling market.

Given Disney’s positioning and legacy company culture, it is unlikely the media and entertainment giant would seek to enter the regulated gambling market directly as an operator or licence holder.

A Boyd takeover could therefore present complexities in the ESPN/Penn partnership.

“We see ESPN Bet as a core tenant of Disney’s ESPN direct-to-consumer strategy and are encouraged by both companies’ commentary about deeply integrating [ESPN and ESPN Bet],” Truist said in a note.  

 “An integrated betting application seems to be a strategic priority to Disney’s wider digital strategy,” it added.  

Penn signed its $1.5bn licensing deal with ESPN last year, and per the agreement, Penn will operate ESPN Bet while ESPN promotes the app across its online and broadcast platforms. Penn’s rights to the ESPN Bet brand will initially run for 10 years, with the option to extend for another decade.  

“In the event a deal is agreed upon that exceeds the strike prices of the general warrants issued to ESPN Bet (12.7m shares at $26.08/12.8m shares at $29.99/7.3m shares at $32.60), how are they treated with a third-party buyer?” Deutsche Bank concluded.

Shares in Penn Entertainment jumped yesterday when the Reuters story broke, but are currently trading down 2.57% at $19.52 per share in New York. Shares in Boyd, meanwhile, are up 1.42% at $53.43 per share.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : IGamingBusiness – https://igamingbusiness.com/strategy/ma/analysts-warn-of-hurdles-for-boyds-reported-penn-bid/

Tags: Analystsentertainmenthurdles
Previous Post

Episode 31: All eyes on Brazil

Next Post

State of the Union: MGCB busts illegal slot parlor, Caesars completes Wynn MI deal

Issues & problems in Puget Sound – Washington State Department of Ecology (.gov)

Uncovering the Challenges Facing Puget Sound: A Deep Dive into Environmental Issues

May 30, 2025
As Trump comes after research, Forest Service scientists keep working – High Country News

Amid Political Turmoil, Forest Service Scientists Forge Ahead with Vital Research

May 30, 2025

How Major NSF Funding Cuts Could Transform the Future of Science

May 30, 2025
High Maintenance Partner: Is it Worth It!? Love Bites with Lifestyle Coach Francesca Luca – WATD 95.9 FM

High Maintenance Love: Is It Worth the Effort

May 30, 2025
Steer World launches iSeries line of extruders – Recycling Today

Steer World Unveils Innovative iSeries Line of Extruders!

May 30, 2025
India’s economy outperforms peers as it surges 7.4% in January-March – Reuters

India’s Economy Soars with an Impressive 7.4% Growth in Q1!

May 30, 2025
Rachel Guttman Launches Entertainment Law Firm Gutt Law, PLLC [Exclusive] – MusicRow.com

Rachel Guttman Unveils Exciting New Entertainment Law Firm: Gutt Law, PLLC!

May 30, 2025
Oklahoma oil and gas drillers face few regulations amid lingering concerns about health impact – Oklahoma Voice

Unregulated Oil and Gas Drilling in Oklahoma: Health Concerns on the Rise

May 30, 2025
Trump administration pressures ‘sanctuary jurisdictions’ by publishing list of places ‘deliberately obstructing’ immigration enforcement – PBS

Trump Administration Targets Sanctuary Cities with Controversial Immigration Enforcement List

May 30, 2025
Finland to head EU’s quantum defense technology project – Latest news from Azerbaijan

Finland Takes the Lead in Pioneering EU’s Quantum Defense Technology Initiative!

May 30, 2025

Categories

Archives

May 2025
MTWTFSS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Apr    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (653)
  • Economy (666)
  • Entertainment (21,573)
  • General (15,248)
  • Health (9,708)
  • Lifestyle (668)
  • News (22,149)
  • People (668)
  • Politics (674)
  • Science (15,888)
  • Sports (21,171)
  • Technology (15,653)
  • World (654)

Recent News

Issues & problems in Puget Sound – Washington State Department of Ecology (.gov)

Uncovering the Challenges Facing Puget Sound: A Deep Dive into Environmental Issues

May 30, 2025
As Trump comes after research, Forest Service scientists keep working – High Country News

Amid Political Turmoil, Forest Service Scientists Forge Ahead with Vital Research

May 30, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version