Jay Snowden, CEO of PENN Entertainment, notified staff members in an internal email on Wednesday that the company is letting go of about 100 employees.
A new phase of growth in PENN’s interactive business includes product enhancements and deeper integration into ESPN’s ecosystem.Major acquisitions typically trigger all kinds of shifts within an organization, and most significantly, rounds of layoffs follow an acquisition event.
Jay Snowden, CEO of PENN Entertainment, notified staff members in an internal email that the company is letting go of about 100 employees, The company is poised to embark on a new phase of growth in its interactive business, which includes ESPN BET. Truist gaming analyst Barry Jonas commented that PENN’s release of new ESPN BET features this fall during football season should meaningfully improve its product. , which followed the over $550 million PENN spent to acquire 100% of Barstool Sports between 2020 and 2023 to brand Barstool Sportsbook.
“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 recognize that shareholders may simply be tired of continued gambling on uncertain outcomes,”Barstool Sportsbook was PENN’s first foray into the post-PASPA era of legal sports betting in...
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