Maryland to Acquire Preakness IP, Matching Churchill Downs' Prior $85M Deal; Q2 Earnings July 29
Summary
The State of Maryland will acquire the Preakness and Black-Eyed Susan trademarks for $85 million, exercising its right to match Churchill Downs' prior agreement to purchase the IP. This follows Churchill Downs' April 21st announcement of its intent to acquire these rights, and the June 18th news of Maryland's intent to buy. The development means Churchill Downs will not ultimately own this key racing IP, altering its asset base and strategic plans. The company also announced its Q2 2026 earnings will be reported on July 29, with a conference call on July 30.
At the time of this announcement, CHDN was trading at $88.27 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $6.2B. The 52-week trading range was $80.24 to $118.46. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.