Fifth Third Bancorp Grows Stake in Churchill Downs, Incorporated $CHDN
Fifth Third Bancorp significantly increased its stake in Churchill Downs (NASDAQ:CHDN) by 6,547.6% in the fourth quarter, now holding 52,649 shares valued at approximately $5.99 million. This move comes as Churchill Downs reported strong first-quarter earnings, beating analyst expectations with an EPS of $1.21 and revenue of $663 million. The company maintains a "Moderate Buy" consensus rating from analysts, with an average price target of $139.
APR 21·Yahoo Sports▲
Churchill Downs Inc. Announces Agreement To Acquire Preakness Intellectual Property Rights
Churchill Downs Incorporated has agreed to acquire the intellectual property rights of the Preakness Stakes and Black-Eyed Susan Stakes from 1/ST Maryland LLC for $85 million. This acquisition, which includes all trademarks, aims to integrate a major American sports brand into CDI's portfolio, supporting the long-term growth of Thoroughbred racing and specifically a redeveloped Pimlico and Preakness Stakes. The transaction is expected to close after the 2026 Preakness Stakes.
APR 21·CBS News▲
Churchill Downs to buy Preakness Stakes, Black-Eyed Susan Stakes brands for $85 million
Churchill Downs Incorporated is set to acquire the trademarks and rights for the Preakness Stakes and Black-Eyed Susan Stakes brands for $85 million. This acquisition will give Churchill Downs management rights for the first two legs of the Triple Crown, including the Kentucky Derby, and aims to support the redevelopment of Pimlico Race Course and the Preakness Stakes. The agreement also includes Churchill Downs licensing the Preakness rights back to Maryland for a yearly fee, with the sale expected to close after the 2026 Preakness Stakes.
