What’s in a name? ESPN is hoping the answer is at least $3 billion.

The Disney-owned sports media giant is looking to leverage the familiarity sports fans have with its brand by licensing its name to a sports betting company.

No pact is imminent at this time. Front Office Sports reported in June that an ESPN-branded sportsbook could be on the way.

• ESPN is seeking at least $3 billion in a multiyear deal, per The Wall Street Journal. A company could rename its sportsbook to include “ESPN” as part of the deal.
• ESPN is in talks with multiple sportsbooks, including current marketing partners DraftKings and Caesars Entertainment.
• A deal could come with requirements that the sports betting company purchase a certain amount of advertising on ESPN’s platforms.

ESPN has podcasts — and a section of its website called “Chalk” — devoted to sports betting but has avoided operating as a sportsbook.

Sportsbooks are expected to earn over $1.5 billion from at least $20 billion in football bets in the upcoming season.

Editor’s note: DraftKings is an FOS partner.

Los Angeles Superior Court rejected Under Armour’s attempt to dismiss a lawsuit brought by UCLA after the sportswear brand backed out of a 15-year, $280 million sponsorship deal with the school. 

UCLA is seeking more than $200 million in damages, alleging Under Armour improperly reneged on its agreement for what was the most lucrative sponsorship deal in the history of college sports.

The court ruled that Under Armour failed to show it ended its contract with UCLA under “force majeure” —  an event beyond the company’s or university’s reasonable control — despite the global pandemic. 

Under Armour is in the midst of a significant restructuring that’s affecting several parts of the business. 

• The company sold MyFitnessPal last November to Francisco Partners for $345 million, down from the $475 million it paid for the platform in 2015. 
• It agreed to a $9.75 million buyout with the University of Cincinnati in December, exiting a 10-year, $50 million contract five years early. 
• The company ended its on-field licensing contract with the NFL in February.

UCLA went on to sign a six-year, $46.45 million sponsorship deal with Nike and its Jordan brand in December. The institution will receive $43.45 million in product and $3 million in cash. 

In what may be the start of a comeback, Under Armour generated $1.4 billion in revenue during Q2 2021, up 91% year-over-year.

Peloton has sought to move on from the unfortunate rollout of its treadmills, but action from four government agencies and a handful of private lawsuits will make that impossible for the time being.

Safety issues with the Peloton Tread+ were connected to at least 70 injuries and the death of a child. In May, Peloton issued a voluntary recall on the hardware after initially claiming there was no need to do so.

In a filing with the Securities and Exchange Commission, Peloton said it was cooperating with a swell of investigations related to the fiasco.

• The company said it was under investigation from the Consumer Product Safety Commission.
• The Department of Justice and Department of Homeland Security subpoenaed it for documents and other information regarding the treadmill injuries.
• The SEC is investigating the company’s public disclosures about the injuries.
• Peloton also mentioned that three class actions and three shareholder lawsuits, which allege “unjust enrichment, abuse of control, gross mismanagement, and waste” have been filed against the company. 

Peloton is releasing a revamped Tread machine with new safety features on Aug. 30 for $2,495, a steep drop from the original $4,300 price.

The recall weighed on its fiscal fourth-quarter revenue, which dropped 25.8% from the previous quarter to $937 million.