WYOMISSING, Pa. (WHTM) – Penn National Gaming will acquire a 36% interest in the digital sports media company Barstool Sports, the company announced Wednesday.
Penn National said under the $163-million deal, it will be Barstool Sports’ exclusive gaming partner for up to 40 years and have the sole right to utilize the Barstool Sports brand for its online and retail sports betting and iCasino products.
Penn National will increase its ownership to approximately 50% after three years, with an incremental investment of approximately $62 million.
Penn National president and CEO Jay Snowden said the new partnership reflects the company’s strategy to evolve from a regional gaming operator to an omnichannel provider of retail and online gaming and sports betting entertainment.
Snowden said the deal also will enable Penn National to attract a new, younger demographic.