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News & Insights

ESPN’s Agreement with PENN Entertainment to Launch ESPN BET

August 08, 2023

On August 8, 2023, ESPN announced an agreement with PENN Entertainment (“PENN”) to launch ESPN BET, a branded sportsbook for fans in the United States. PENN Entertainment will rebrand its current sportsbook and relaunch as ESPN BET, effective this Fall in the 16 legalized betting states where PENN Entertainment is licensed. The rebrand includes the mobile app, website, and mobile website. In connection with the transaction, PENN Entertainment has agreed to grant ESPN warrants to purchase approximately 31.8 million PENN common shares that will vest ratably over 10 years, with the potential for ESPN to receive additional bonus warrants to purchase up to an additional approximately 6.4 million PENN common shares. ESPN is 80 percent owned by ABC, Inc., an indirect subsidiary of The Walt Disney Company. Cravath is representing The Walt Disney Company (“Disney”) in connection with the transaction.

The Cravath team is led by partners George F. Schoen and Daniel J. Cerqueira and includes associates Cole DuMond and Esther Kang on M&A matters; partners Andrew J. Pitts and Ryan J. Patrone and associate Obianuju A. Enworom on capital markets matters; partners Lauren Angelilli and Andrew T. Davis on tax matters; and partner Noah Joshua Phillips on regulatory matters. Anthony J. Grisafi also worked on tax matters.

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  • Corporate
  • Mergers and Acquisitions
  • Capital Markets
  • Derivatives
  • Tax
  • Antitrust
  • Media and Entertainment
  • Consumer Products and Services

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Name
George F. Schoen
Title
Corporate
Title
Partner
Email
gschoen@cravath.com
Phone
+1-212-474-1740
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    Education

    • J.D., 1998, University of Chicago Law School
      with Honors
    • B.A., 1994, Cornell University

    Admitted In

    • New York
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    Name
    Daniel J. Cerqueira
    Title
    Corporate
    Title
    Partner
    Email
    dcerqueira@cravath.com
    Phone
    +1-212-474-1156
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      Education

      • J.D., 2013, Harvard Law School
        magna cum laude
      • B.A., 2010, Cornell University
        Phi Beta Kappa

      Admitted In

      • New York
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      Name
      Cole DuMond
      Title
      Corporate
      Title
      Partner
      Email
      cdumond@cravath.com
      Phone
      +1-212-474-1216
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        Education

        • J.D., 2016, University of Pennsylvania Law School
          cum laude
        • B.S., 2013, Cornell University

        Admitted In

        • New York
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        Andrew J. Pitts
        Title
        Corporate
        Title
        Partner
        Email
        apitts@cravath.com
        Phone
        +1-212-474-1620
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          Education

          • M.B.A., 1995, Boston University
            with High Honors
          • J.D., 1994, Boston University School of Law
            summa cum laude
          • B.A., 1988, Trinity College

          Admitted In

          • New York
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          Name
          Ryan J. Patrone
          Title
          Corporate
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          Partner
          Email
          rpatrone@cravath.com
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          +1-212-474-1280
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            Education

            • J.D., 2015, New York University School of Law
              Order of the Coif; Florence Allen Scholar, magna cum laude
            • B.S., 2012, University of Florida
              summa cum laude

            Admitted In

            • New York
            Name
            Lauren Angelilli
            Title
            Tax
            Title
            Partner
            Email
            langelilli@cravath.com
            Phone
            +1-212-474-1016
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              Education

              • J.D., 2000, Harvard Law School
                cum laude
              • B.S., 1996, The Wharton School of the University of Pennsylvania
                magna cum laude

              Admitted In

              • New York
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              Name
              Andrew T. Davis
              Title
              Tax
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              Partner
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              adavis@cravath.com
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              +1-212-474-1272
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                Education

                • LL.M., 2020, New York University School of Law
                • J.D., 2014, Stanford Law School
                • A.B., 2010, Princeton University

                Admitted In

                • New York
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                Name
                Noah Joshua Phillips
                Title
                Litigation
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                Partner
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                nphillips@cravath.com
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                +1-202-869-7740
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                  Education

                  • J.D., 2005, Stanford Law School
                    Winner, 2005 Marion Rice Kirkwood Moot Court
                  • A.B., 2000, Dartmouth College
                    Phi Beta Kappa, magna cum laude

                  Admitted In

                  • New York
                  • District of Columbia

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                  Disney’s Combination of its Hulu + Live TV Business with Fubo

                  On January 6, 2025, The Walt Disney Company (“Disney”) and FuboTV Inc. (“Fubo) announced that they have entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo, forming a combined virtual MVPD company of which Disney will become the majority owner.

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                  Disney’s Successful Proxy Contest Against Trian and Blackwells

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