Dave Portnoy reacquires Barstool Sports for $1 as Penn deals ESPN exclusive sportsbook rights

Penn Entertainment sold Barstool Sports back to founder Dave Portnoy for $1 after acquiring it for $551 million.
Penn signed a 10-year, $2 billion deal granting ESPN exclusive rights to brand its sportsbook as ESPN Bet.
ESPN Bet will replace Penn's Barstool Sportsbook brand and launch in 16 states this fall.
The ESPN deal provides Penn with marketing support and cash funding while allowing Disney to enter sports betting.
Industry analysts see potential for the deal to lead to an ESPN spinoff from Disney.