Penn Entertainment purchases remaining stake in Barstool Sports for $388-million
Penn paid about $388-million for the remaining stake in Barstool Sports that it doesn’t already own, the sports and entertainment company said Friday.
Penn and Barstool Sports first announced an exclusive sports betting and iCasino partnership in early 2020. Penn took a 36 per cent stake of Barstool Sports in February 2020 for approximately $163-million, comprised of about $135-million in cash and $28-million in non-voting convertible preferred stock.Barstool was founded in 2003 by Dave Portnoy as a free sports and gambling newspaper.
“Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division,” Penn Entertainment Inc. CEO Jay Snowden said in a statement on Friday.
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