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WALT DISNEY COMPANY (THE)

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Disney's ESPN Partners with Caesars on Sports-Betting Content -- 2nd Update

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05/14/2019 | 12:24pm EDT

By Allison Prang

Caesars Entertainment Corp. and Walt Disney Co.'s ESPN are making a joint effort to promote sports-betting content.

An ESPN studio for creating sports-betting news and entertainment content will be built at the Linq Hotel & Casino, one of Caesars' Las Vegas properties, the companies said Tuesday. The studio will begin operating next year and host an ESPNews show, "Daily Wager."

ESPN programming will start to include branding and data from Caesars in the coming weeks, the companies said. Caesars will also provide odds data for ESPN.

ESPN's efforts come as broadcasters look for ways to capitalize on growth in sports betting after the U.S. Supreme Court last year invalidated federal restrictions on such wagers. Fox Corp., the parent of the Fox television network and FS1, said last week that it would take a minority stake in a betting company and launch a platform allowing customers in states where sports betting is legal to wager on events.

Fox and Wall Street Journal parent News Corp share common ownership.

Caesars also reached a deal with AT&T Inc.'s Turner Sports earlier this year to develop new sports-gambling-focused content. The casino operator has also been working to land partnerships with sports teams as well as entities such as mobile sports-betting platform DraftKings Inc.

Write to Allison Prang at allison.prang@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CAESARS ENTERTAINMENT CORP 0.85% 10.045 Delayed Quote.45.07%
FOX CORP 0.00%End-of-day quote.0.00%
WALT DISNEY COMPANY (THE) 0.45% 139.87 Delayed Quote.28.56%
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Financials ($)
Sales 2019 71 408 M
EBIT 2019 16 098 M
Net income 2019 12 860 M
Debt 2019 32 726 M
Yield 2019 1,16%
P/E ratio 2019 18,48
P/E ratio 2020 24,57
EV / Sales 2019 3,94x
EV / Sales 2020 3,25x
Capitalization 248 B
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Technical analysis trends WALT DISNEY COMPANY (THE)
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 149 $
Spread / Average Target 8,1%
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Managers
NameTitle
Robert A. Iger Chairman & Chief Executive Officer
Christine M. McCarthy Chief Financial Officer & Senior Executive VP
John S. Chen Independent Director
Aylwin B. Lewis Independent Director
Fred H. Langhammer Independent Director
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