DraftKings stock jumps on report of partnership with ESPN

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DraftKings DKNG, -3.95% is close to signing an exclusive partnership with sports network ESPN, according to a report from The Action Network, sending shares 7.9% higher after hours. The terms of the deal between the sports-betting platform and sport-media giant are not yet clear. But The Action Network said that ESPN was seeking $3 billion over a set time period that would “lead to a sportsbook rebranding itself with the ESPN name.” And it said an exclusive partnership could feature broadcasts integrated with betting odds. DraftKings, in a statement to the Action Network, didn’t comment directly on any potential deal, while ESPN had no comment. Bob Chapek, Chief Executive of Walt Disney Co., DIS, -0.75% ESPN’s owner, recently said that Disney had been examining the possibility of adding sports gambling to ESPN, and said the growing popularity of sports betting helped make ESPN a “good long-term bet.

This article was originally published by Marketwatch.com. Read the original article here.

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