<p>Walt Disney's ESPN and PENN Entertainment have partnered to launch a sports betting business under the brand ESPN Bet, the two companies said on Tuesday.</p>.Walt Disney Co to begin second wave of layoffs, cutting several thousand jobs .<p>Under the terms of the deal, Penn will pay $1.5 billion in cash to ESPN over an initial 10-year term in exchange for brand and other rights provided by ESPN. </p>
<p>Walt Disney's ESPN and PENN Entertainment have partnered to launch a sports betting business under the brand ESPN Bet, the two companies said on Tuesday.</p>.Walt Disney Co to begin second wave of layoffs, cutting several thousand jobs .<p>Under the terms of the deal, Penn will pay $1.5 billion in cash to ESPN over an initial 10-year term in exchange for brand and other rights provided by ESPN. </p>