Penn Entertainment has declared a leadership transition at its online division, Penn Interactive, with the Founders of theScore – John Levy, Benjie Levy, Aubrey Levy and Noah Levy – stepping down from their roles.
John Levy is set to depart in mid-February, followed by Benjie, Aubrey and Noah in April 2024.
Jay Snowden, Penn Entertainment CEO and President, commented: “The Levys are a family of successful entrepreneurs and are truly pioneers in the sports media and gaming industry. I am very proud of what we’ve been able to accomplish with them, including the development of an extremely deep and talented bench at Penn Interactive.
"With this experienced team firmly in place, we are well prepared for this to be a seamless transition and to continue growing our position as a leader in online gaming and sports media.”
Benjie Levy, Head of Penn Interactive and theScore President and COO, added: “Our focus on creating technology and products has been second only to our efforts in building a team and fostering a special place to work.
"We could not be more proud of this team and what we have accomplished together and we look forward to watching as they continue to build upon the successful foundation we established at theScore.”
The integration of Score Media and Gaming with Penn Interactive in October 2021 led to the launch of ESPN Bet and theScore Bet.
In a parallel development, Hedge Fund HG Vora Capital Management, holding an 18.5% economic interest in Penn Entertainment, has formally requested to appoint directors to the company's board.
The fund, led by former Goldman Sachs banker Parag Vora, cited concerns about Penn's undervalued stock and ongoing talks with the company's management to enhance shareholder value.
Despite a 16% decline in Penn Entertainment's stock throughout 2023, strategic collaborations were made, such as with Quail Hollow Club and the Wells Fargo Championship to enter the North Carolina online sports betting market through ESPN Bet.
However, the Q3 2023 financial report revealed a net loss of $725.1m and a slight decrease in net revenue to $1.62bn, with varied performance across different segments.
