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Barstool Sports Now Wholly Owned by Casino Operator and Entertainment Company Penn Entertainment, completed its previously announced acquisition of the property on Friday. Penn said it paid $388 million for the 64 percent that Barstool didn’t already own.
January 2020, Penn Entertainment (then known as Penn National Gaming) Paid $163 million for a 36% stake in Barstool Sports, retains the same percentage of shares as previous owner Chernin Group. Barstool founder Dave Portnoy once Sold majority control of Barstool to Peter Chernin’s Chernin Group in 2016. The preliminary agreement includes a path for Penn to establish full control and ownership of Barstool Sports.
Founded by Portnoy in 2003 as a sports and betting blog, Barstool has “evolved into a leading digital player in sports, lifestyle and entertainment,” according to the companies. Barstool Sports and Portnoy have also Embroiled in controversies over past sexism and Racist Content on the Site.
“We are very excited to welcome Barstool Sports fully into the Penn Entertainment family,” Penn Entertainment CEO and President Jay Snowden said in a statement. “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 organic cross-sell across our growing interactive segment Chance.”
Portnoy said in a statement: “Barstool Sports is bigger than ever and has become more than I ever dreamed possible. I am so grateful to the Barstool team and Stoolies for being with me along the way. I look forward to the next day with Penn.” A chapter.”
In the three years since Penn first invested in the company, Barstool Sports says its audience has grown 194 percent and now has more than 200 million fans across platforms. Barstool produces and distributes more than 100 shows spanning podcasts, video, social media, live events and pay-per-view programming, as well as commercial operations. Additionally, it partnered with Penn to launch the Barstool Sportsbook online betting platform, which is currently live in 15 states.
in last week’s show typeThe “Strictly Business” Podcast“The vision Penn wanted fit very well with Dave and my vision for the business,” said Barstool CEO Erika Ayers.
“The way we talk about sports betting is to make it very conversational and really make sports betting an organic, real and integral part of what we do,” Ayers said on the podcast.
Penn Entertainment operates 43 casinos and gaming properties in 20 states, online sportsbooks in 16 jurisdictions and iCasino in 5 jurisdictions, with a portfolio of brands including Hollywood Casino, L’Auberge, Barstool Sportsbook and theScore Bet Sportsbook and Casino.
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