ESPN Is Getting Into Sports Betting With Penn Entertainment (3)

Walt Disney Co.’s ESPN has signed a long-term exclusive agreement with casino operator Penn Entertainment Inc., licensing its brand for sports betting and deepening the media giant’s ties to the growing online gambling business.

Penn will have the 10-year right to use the ESPN Bet name in the US, the company said in a statement Tuesday. Penn will rebrand its Barstool sportsbook with ESPN starting this fall. The company will continue to operate as theScore Bet in Canada.

Penn also said Tuesday it’s selling all of its Barstool Sports Inc. subsidiary to David Portnoy, who founded the ...