Barstool Sports was acquired entirely by Penn Entertainment in a $388 million deal
Barstool Sports was sold to Penn Entertainment Inc.
Penn paid about $388 million for the remaining stake in Barstool Sports it doesn’t already own, the sports and entertainment company announced Friday.
Penn and Barstool Sports first announced an exclusive sportsbook and iCasino partnership in early 2020. Penn acquired a 36 percent interest in Barstool Sports in February 2020 for approximately $163 million consisting of approximately $135 million in cash and $28 million in convertible non-voting stock.
The original deal included a way for Penn to gain full ownership of Barstool Sports.
Barstool was founded in 2003 by Dave Portnoy as a free sports and gambling newspaper. It is now a digital platform covering sports, lifestyle and entertainment with more than 200 million followers.
“Barstool is a proven, strong media brand with an authentic voice and a large, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities in our growing interactive business,” said Jay, CEO of Penn Entertainment Inc Snowden said in a statement on Friday.
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