Business
ESPN Strikes $1.5B Deal To Jump Into Sports Betting With Penn Entertainment
You’ve heard of ESPN, the sports media behemoth. Prepare for ESPN Bet, a rebranding of an existing sports-betting app owned by Penn Entertainment, which is paying $1.5 billion in addition to other considerations for exclusive rights to the ESPN name.
The agreement, announced on Tuesday, could propel Walt Disney Co.-owned the company into unknown territory. Disney is highly protective of its family-friendly image, which is not normally connected with sports betting.
Penn will run ESPN Bet, which ESPN has pledged to market across its web and broadcast platforms to raise “maximum fan awareness” of the app. According to the firms, ESPN Bet will also have undisclosed “access” to ESPN personnel.
Penn’s rights to the companies brand will initially be valid for ten years but can be extended for another ten years by mutual agreement. In addition to the $1.5 billion licensing contract, paid out over a decade, Penn will grant ESPN $500 million in rights to purchase Penn shares.
“With ESPN Bet, Penn Entertainment is the ideal partner to create an unrivalled user experience,” ESPN chairman Jimmy Pitaro said in a statement.
Prepare for ESPN Bet, a rebranding of an existing sports-betting app owned by Penn Entertainment, which is paying $1.5 billion.
In the past, Disney has struggled with the issue of adult-oriented entertainment. Until roughly 15 years ago, the Walt Disney World park in Orlando, Florida, had a gated late-night enclave called Pleasure Island — a reference to the 1940 film “Pinocchio,” in which the characters visited a den of iniquity by that name. In addition to restaurants, shops, and a nightly countdown to “New Year’s Eve,” replete with fireworks, Pleasure Island offered pubs, music venues, and nightclubs.
When attendance declined, Disney closed the Pleasure Island nightclubs in 2008 and renovated the site into The Landing at Disney Springs, a restaurant and shopping center.
ESPN also stated that it would use its platforms “to educate sports fans on responsible gaming,” such as by continuing to cover the sports betting industry with “journalistic integrity,” establishing a “responsible gaming” committee within the company, and developing marketing guidelines that “safeguard” fans.
Penn also announced the sale of Barstool Sports, an irreverent sports media website, to its creator, Dave Portnoy. Penn purchased a 36% ownership in Barstool Sports in February 2020 for around $163 million and the majority of the company in February 2023 for approximately $388 million. Penn or Portnoy did not disclose the parameters of the divestment agreement.
In a video released on X, the site formerly known as Twitter, Portnoy exuded joy about the site’s re-emergence. He said the regulated gambling business “was probably not the best place for Barstool Sports and the kind of content we make.” Portnoy went on to say that he would “never” sell the company. Penn would receive 50% of the total earnings from any future sale or “monetization” of Barstool as part of the divestiture agreement.
SOURCE – (AP)
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Business
Travellers Pissed at Air Canada Over New Baggage Fees
Air Canada’s decision to charge new fees on budget fares has angered travellers and industry experts, who argue the airline unfairly burdens passengers with additional costs.
Travellers, industry insiders, and the federal government have criticized Air Canada for imposing new surcharges on low-cost flights, claiming the airline is unjustly burdening consumers with extra expenses.
Beginning January 3, 2025, the first carry-on bag for passengers using Air Canada’s basic-economy fare within North America will cost $35, and each additional bag will cost $50. Purses, laptop bags, and any small belongings that fit beneath the seat are free.
Additionally, by the end of February, checked baggage taxes on domestic and some international flights will rise to $35 to $42 for the first bag and $50 to $60 for the second.
“That is awful. An airline passenger, Nico Arellano, told CTV News, “The prices are getting pretty intense, and the service isn’t getting any better.” “I have two children — a baby and a toddler — and we have to bring all their essentials and pay extra for that; for families, it’s unacceptable.”
Air Canada checked baggage fee
While premium enhancements like seats with more legroom will still be more expensive, the new policy also adds fees for seat selection and modifications for low-cost passengers.
“At this time, I don’t choose seats. Kinsenge Mbaga, travelling from Ottawa to Fredericton, states, “I would like to travel as economically as possible.” “Baggage, particularly carry-on, is perhaps the fee that irritates me the most.
It is pleasant when they’re not included with the ticket, which should be standard. It should be possible to bring one or two bags, but this isn’t always the case, and occasionally, being at the gate will cost you more.”
The airline’s new restrictions have drawn criticism from Transport Minister Anita Anand, who described them as a “cash grab” that harms Canadians who already face increased travel expenses.
Air Canada, meanwhile, defended its choice, claiming that the levies are required to offset growing labour and operating expenses.
While travellers buying higher-tier fares would continue to enjoy free baggage allowances, the airline noted that comparable tariffs are already in effect with several international carriers.
Critics contend that the surcharges unfairly affect visitors on a tight budget and could result in higher overall prices when compared to slightly higher-tier fares. The changes have angered travellers, especially those who depend on lower-cost fare options.
“Carriers are free to charge whatever they like. It costs $35 now, $60 next week, and $100 next week.
Sign of the Times
Airlines expert John Gradek said, “Nobody is keeping an eye on these things; it’s based on what the market can bear.” “These fees are not yet complete. They can take additional actions to further nickel-and-dime passengers travelling on domestic routes.
As part of its continuous efforts to strengthen air passenger rights in Canada, the federal government has committed to examining how these changes would affect consumers. Travellers are advised to study the tariff information carefully to prevent unforeseen fees.
“It’s a shame that Air Canada has decided to join the likes of Porter and WestJet in charging people for carry-on bags for the lowest fare type and it’s a sign of the times that Air Canada is afraid of losing market shares and wants to basically maximise its revenue by having these cheap airfares with a whole bunch of additional revenues coming in,” Gradek says.
“It’s not a stretch to think that the government, within its regulation, can start to provide oversight and management of the way in which these airlines are putting these fees into the marketplace.”
Meanwhile, on April 2, 2025, Air Canada will begin nonstop flights between Vancouver and Manila. The direct service will operate using a Boeing 787 Dreamliner four times a week.
In a statement, executive vice president for revenue and network planning Mark Galardo stated, “The Philippines is an important market reflecting long-standing family ties between our two countries with growing business connections and tourism opportunities.”
He noted that Air Canada is making travel between North America and the Philippines even more convenient for business and leisure travellers with its vast domestic and trans-border network in Vancouver, built to easily link to the airline’s international flights.
Related News:
Air Canada Works With Thailand to Promote Long-Stay Airfares
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Business
Unemployment in Canada Hits 6.8% to an 8 Year High
The Canadian dollar fell Friday due to a sharp increase in Canada’s unemployment rate, but the greenback recovered overall, putting USD/CAD above 1.4150. The USD/CAD pair has reached its highest daily close in years.
The drop in the number of loonies follows Statistics Canada’s announcement that, under Justin Trudeau’s leadership, the unemployment rate has increased to its highest level since January 2017.
Canada’s economic stagnation and ongoing issues with homelessness and poverty are the main causes of the country’s high unemployment rate. As the wealth gap between the United States and Canada grows, the nation is also experiencing a flight of investment capital across some industries.
Federal Conservatives claimed, “Justin Trudeau has devastated Canada’s economy,” in a news statement on Friday. “Canada’s labour force grew by 137,800, which is more than double the gains in jobs,”
Since April 2023, Canada’s unemployment rate has risen by 1.7%.
“Worse still, this report showed that only 12% of new jobs were created in the private sector,” the Conservatives argued.
This is a direct effect of Trudeau’s relentless taxation and bureaucratic red tape, which have attacked private companies and industries. Because of Trudeau’s failing policies, Canada has lost more than $500 billion in foreign investment.
According to Conservatives, despite a 600,000 rise in the working population, Canada only added 329,000 jobs in the past year.
The third quarter GDP slowed significantly to 1% annualized, while Canada’s GDP per capita has been declining for six consecutive quarters, according to another Statistics Canada data released last week.
However, a Scotiabank economist has cautioned about Canada’s delayed government budget update. The Liberal government’s silence means Canadians may not receive a national update until after Christmas.
Rebekah Young, an economist at the Bank of Nova Scotia, said in a note on Wednesday that there are even speculations “swirling” that there won’t be a fiscal update. “It’s not clear when — or even if — it will come before the holidays, but the writing is mostly on the wall,” Young said.
She stated, ” More spending is clearly in the offing ” regarding the Liberals’ recently announced GST vacation and $250 rebate checks for working Canadians.
The House of Commons approved the GST component of that $6.3 billion economic stimulus package on November 28.
She stated, “the balance and then some is expected to keep Canadians from the polls a bit longer.”
The Liberals are financing the stimulus package to maintain the support of the New Democratic Party and prevent a vote of no-confidence.
As evidence of the government’s economic restraint, Finance Minister Chrystia Freeland promised in the 2024 budget that government expenditures would not exceed a $40.1 billion deficit in 2023–2024.
But the Parliamentary Budget Officer recently cautioned that the government has probably overreached itself.
Related News:
Beef Prices in Canada Reach Record Highs
As Trudeau Gaslights About a Great Economy, Canadians See the Truth
Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas’ articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.
Business
TikTok Ban Upheld By US Federal Appeals Court
The United States Court of Appeals for the District of Columbia Circuit has upheld a lower court’s ban on TikTok, forcing it to cut ties with its Chinese parent business, ByteDance or face suspension.
TikTok and ByteDance, the second plaintiff in the complaint, are now expected to appeal to the US Supreme Court, but it is uncertain whether the court would hear the case.
“The Supreme Court has an established historical record of protecting an individual’s right to free expression, and we expect them to do so on this critical constitutional issue,” TikTok spokesperson Michael Hughes told AP.
“Unfortunately, the TikTok ban was conceived and pushed through based upon inaccurate, flawed and hypothetical information, resulting in outright censorship of the American people,”
Hughes stated. Unless stopped, he claimed, the act “will silence the voices of over 170 million Americans here in the US and around the world on January 19th, 2025.”
Trump TikTok Ban
Though the issue is in court, President-elect Donald Trump would likely hand the two firms a lifeline. Trump attempted a TikTok ban during his first term but stated during the presidential campaign that he is now opposed.
President Joe Biden signed the measure in April, capping a years-long saga in Washington over the short-form video-sharing app. Due to its ties to China, the government views it as a national security danger.
“Today’s decision is an important step in blocking the Chinese government from weaponising TikTok to collect sensitive information about millions of Americans, to covertly manipulate the content delivered to American audiences, and to undermine our national security,” Merrick Garland, the attorney general, said in a statement.
On Friday, a federal appeals court panel upheld a statute that might result in a TikTok ban in the United States within a few months. Here’s what you should know.
The United States has expressed worry that TikTok is gathering huge amounts of user data, particularly sensitive information about watching patterns, which may fall into the hands of the Chinese government through pressure.
Officials have also cautioned that the proprietary algorithm that drives what users view on the app is susceptible to manipulation by Chinese authorities, who can use it to alter information on the platform in difficult-to-detect ways. The European Union raised similar concerns on Friday as it probed intelligence, suggesting Russia may have abused the platform to influence Romania’s elections.
TikTok, which sued the government over the law in May, has long disputed that Beijing could use it to spy on or control Americans.
TikTok’s counsel has correctly stated that the US has not given proof demonstrating that the business gave over user data to the Chinese government or changed material for Beijing’s benefit in the US.
They have also contended that the statute is based on future threats, which the Department of Justice has emphasized, citing unnamed actions the two businesses allegedly took in the past in response to Chinese government demands.
Related News:
WhatsApp Now Features a Mention Tool for Status Updates and Stories
FBI Warns iPhone and Android Users to Stop Texting
Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas’ articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.
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