Yes, PROMOTED is a Scrabble word!

Letter values in Scrabble US: P 3, R 1, O 1, M 3, O 1, T 1, E 1, D 2.

Is it a valid word?

PROMOTED is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

contribute to the progress or growth of
give a promotion to or assign to a higher position
make publicity for; try to sell (a product)
be changed for a superior chess or checker piece
change a pawn for a better piece by advancing it to the eighth row, or change a checker piece for a more valuable piece by moving it to the row closest to your opponent

Also: kick upstairs.