FILE PHOTO: Feb 5, 2025; New Orleans, LA, USA; The ESPN logo at the Ernest N. Morial Convention Center. Mandatory Credit: Kirby Lee-Imagn Images/File Photo
(Reuters) -PENN Entertainment and Walt Disney's ESPN have agreed to end their exclusive U.S. online sports betting partnership, effective December 1, the companies said on Thursday.
The termination cuts short a 10-year deal signed in August 2023, under which ESPN got $150 million annually for providing PENN marketing services and exclusive right to the ESPN BET brand in the U.S.
Both companies "mutually and amicably" agreed to wind down the collaboration, PENN CEO Jay Snowden said in a statement.
"We plan to realign our digital focus on our growing iCasino business," Snowden said.
Payments from PENN to ESPN will stop in the fourth quarter of 2025.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Sahal Muhammed)
