It completely depends on what type of corporate action it is, on...

It completely depends on what type of corporate action it is, on or off market, scheme of arrangement, taking the business private, etc.
But the options holders will get a chance to convert - just as the option exercise price has already changed, since they were initially issued.

My point however, was that NBC who is a major holder wouldn't be letting 5years of leverage go lightly. $869million is what the business would get. But what could the shareprice be in 5yrs? $50? That is potentially $2.47Billion in profit for NBC. This is why using options is a good long term play for keeping "cornerstone" types aligned to the business and value creation.

All this is completely hypothetical right now. And if Penn, wanted to takeover, then they would need to do an awful lot sweet-talking to Comcast. And Penn's last takeover was at a 90% premium. And they still had trouble with their tech/app crashing on the opening day of the NFL season, - so buying the tech doesn't always translate to integration success.