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PENN Entertainment now fully owns Barstool Sports.
On Friday, the company announced that it has completed the acquisition of the remaining 64 percent of Barstool for a total of $388 million.
“This is an important moment for Barstool Sports,” Barstool CEO Erika Ayers said in a statement.
PENN purchased the first 36% of the company in 2020 for approximately $163 million. At the time, the partnership allowed the duo to launch sports betting and created an opportunity for PENN to acquire the rest of the company at a later date.
In August 2022, the company Announce The plan is to first take control by buying 50 percent of the company for about $63 million, but the full ownership deal is still months away.
Penn said in a release that since it first became involved with Barstool, the media channel has seen a 160 percent increase in ad sales and a 194 percent increase in its audience.it is also roll out New properties, such as airing the first bowl game last season.
Penn Entertainment – which recently changed its name from Penn National Gaming – also owns a media outlet called theScore.
“Combining Barstool with theScore’s reach and highly engaged user base creates a massive digital footprint and ecosystem that will help drive Barstool Sportsbook and our unique integrated media and gaming business,” Penn Entertainment CEO Chief Executive Officer and President Jay Snowden said in a statement.
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