Penn lays off about 100 employees as it focuses on ESPN Bet growth
Publishing timestamp: 2024-07-18 12:49:52
Summary
Penn Entertainment is laying off about 100 employees to focus on growth for ESPN Bet. Investors are eager for the company to demonstrate its strength with the rebranded sportsbook. Activist investor Donerail Group is calling on the board to sell the casino company. Despite rumors of potential interest from other gaming companies, a sale is unlikely in the near term. Analysts believe that the release of new ESPN Bet features this fall could improve the company's product, but Penn's shares have dropped 25% year to date. Truist has a buy rating on Penn with a price target of $25.
Sentiment: MIXED
Keywords: media, breaking news: business, business news, entertainment, business, layoffs, walt disney co, penn entertainment inc, gambling,
Source: https://www.cnbc.com/2024/07/18/penn-layoffs-espnbet-growth.html