FILE – Barstool Sports founder David Portnoy attends an NCAA college basketball game Saturday, Jan. 22, 2022, in Coral Gables, Fla. On Friday, February 17, 2023, Penn Entertainment Inc. announced. Sports. Penn paid about $388 million for the remaining stake in Barstool that it doesn’t already own. (AP Photo/Lynne Sladky, File)
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 said Friday.
Penn and Barstool Sports first announced an exclusive sports betting and iCasino partnership in early 2020. Penn acquired a 36% stake in Barstool Sports in February 2020 for approximately $163 million, consisting of about $135 million in cash and $28 million in non-voting preferred stock. stock.
The initial deal included a path for Penn to acquire full ownership of Barstool Sports.
Barstool was founded in 2003 by Dave Portnoy as a free sports and gambling newspaper. Today it is a digital platform covering sports, lifestyle, and entertainment with more than 200 million followers.
“Barstool is a proven, powerful media brand with an authentic voice and a large, loyal audience that gives us a strong top of the funnel for new customer acquisition and organic cross-selling opportunities. opportunity in our growing interactive division,” Penn Entertainment Inc. CEO Jay Snowden said in a statement on Friday.