Barstool Sports is acquired by Penn Entertainment
Barstool Sports has been sold to Penn Entertainment Inc.
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% 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.
The initial deal included a path 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 that covers sports, lifestyle, and entertainment with more than 200 million followers.
“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.
Before you make your next trade, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now…
See The Five Stocks Here