Shares of PENN Entertainment (NASDAQ: PENN) were moving higher today after the company surprised investors by announcing a new strategic alliance with ESPN, which is teaming up with the Disney (NYSE: DIS) sports media property on online sports betting in the U.S.

Additionally, Penn reported second-quarter earnings that were in line with estimates. As of 11:01 a.m. ET, the stock was up 12.8%.

Penn said the two companies will launch ESPN Bet in the fall, rebranding the Barstool Sportsbook. As part of the deal, Penn is divesting its ownership of Barstool Sports back to Founder David Portnoy.

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Source Fool.com