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Barstool Sports sold to Penn Entertainment Inc.
The sports and entertainment company said Friday that Penn paid about $388 million for the remaining stake in Barstool Sports that it did not already own.
Penn and Barstool Sports first announced an exclusive sportsbook and iCasino partnership in early 2020. Penn acquired a 36% interest in Barstool Sports in February 2020 for approximately $163 million, including approximately $135 million in cash and $28 million in non-voting convertible preferred stock.
The original deal included a path for Penn to take full ownership of Barstool Sports.
Founded in 2003 by Dave Portnoy, Barstool is a free sports and gambling newspaper. It is now a digital platform covering sports, lifestyle and entertainment, with more than 200 million fans.
“Barstool is a proven, powerful media brand with an authentic voice and a large, loyal audience, providing us with a strong top of the funnel to acquire new clients and organically cross-sell across our growing interactive segment opportunity,” Penn Entertainment Inc. Chief Executive Jay Snowden said in a statement Friday.
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