Penn Entertainment has announced a groundbreaking deal with ESPN, allowing the company to utilize ESPN’s brand in its online sportsbook. As part of this collaboration, ESPN will be receiving a remarkable $1.5 billion in cash over the course of a decade. Additionally, Penn will grant ESPN $500 million worth of warrants for the purchase of Penn shares. In return, Penn will rebrand its Barstool Sportsbook app as ESPN Bet. This exciting development has already had a significant impact on Penn’s stock value, which rose by an impressive 15% during after-hours trading.
WeWork Faces Financial Challenges
WeWork has publicly expressed concerns about its ability to sustain its operations due to ongoing losses and projected cash requirements. The company has outlined several strategic steps it plans to take in order to improve its financial situation. These measures include potential restructuring, renegotiating lease terms, reducing member churn, and cutting expenses. Unfortunately, WeWork’s stock value plummeted by as much as 29% during after-hours trading in response to this news.
Marqeta Extends Partnership with Cash App
Marqeta, a leading card-issuing platform based in Oakland, California, has announced a significant four-year extension of its partnership with the mobile-payment service Cash App. This extension solidifies Marqeta’s role in powering the app, which is owned by Block. The agreement is set to continue until June 2027. The market has responded positively to this news, as Marqeta’s stock value experienced a remarkable 17% increase during after-hours trading.