“I would say, don’t believe everything you read,” CEO Jay Snowden warns regarding rumors of potential consolidation and selling individual assets.During a quarterly earnings call for the American entertainment giant on Thursday, Snowden provided a particularly enlightening response to a question from JPMorgan analyst Joseph Greff regarding rumors of potential consolidation and selling individual assets.
“We don’t comment on market rumors and speculation. What I will say as a company and as a board, we’re always and always have, always will evaluate opportunities to enhance value,” Snowden said. “We’ll continue to take actions that we believe are in the best interest of the company and our shareholders.
“We question whether such credibility is beyond repair, as PENN’s shares are now down over 80% in the last three years because of such damage,” Wyatt said via the letter. in the digital space as a leading sportsbook, with giants such as DraftKings and FanDuel dominating with roughly 35% of the U.S. market share. That follows a 10-year, $1.5 billion partnership signed last year after PENN sold Barstool back to founder David Portnoy for just $1.
Should things continue to go sideways, however, there’s no telling exactly what could be next for PENN’s continued struggles in the digital space. According to reports, ESPN parent Disney has a right under the PENN deal to end their affiliation well before the conclusion of the 10-year partnership, which would mark the second major brand loss in less than a decade for an online division still struggling to make headway.