In early 2019, an analyst asked Disney Chief Executive Bob Iger if sports betting could coexist with the House of Mouse’s brand. In August, the company struck a 10-year deal with sports-betting company Penn Entertainment to bring gambling to Disney’s ESPN sports network. In the last year, at least one large investor warned Disney that it might have to sell some of its Disney stake if the company embraced betting. Disney first began flirting with sports betting in March 2019, when it completed its $71.3 billion acquisition of Fox’s major entertainment assets, which included a 6% stake in sports betting company DraftKings. There was a key requirement to move forward with a Disney deal.

Source: Wall Street Journal October 13, 2023 06:53 UTC