(WHTM) – PENN Entertainment Inc. on Friday completed its previously announced acquisition of Barstool Sports, Inc.
According to a press release on Friday, after previously acquiring a 36% stake in Barstool Sports in 2020, PENN has acquired the remaining interest in Barstool Sports for approximately $388 million.
PENN says in the last three years since it first invested in Barstool Spots, the audience has grown 194% and expanded its live event programming to include its first Division I college basketball games (Barstool Sports Invitational) and the Barstool Arizona Bowl college football game.
“We are extremely pleased to welcome Barstool Sports fully into the PENN Entertainment family,” said PENN Entertainment CEO and President, Jay Snowden. “Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division. Barstool, combined with theScore’s reach and highly engaged user base, creates a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook and our uniquely integrated media and gaming business. Further, the Barstool Sportsbook will greatly benefit from the upcoming migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful upside.”
“Barstool Sports is bigger than ever and has become more than I ever dreamed of,” said Dave Portnoy, Founder of Barstool Sports. “I’m very thankful to the Barstool team and Stoolies who have been along for the ride. I’m looking forward to this next chapter with PENN.”
PENN and Barstool Sports initially announced an exclusive sports betting and iCasino partnership in January 2020, with PENN acquiring 36% of Barstool Sports on February 20, 2020 for a total consideration of approximately $163 million, comprised of approximately $135 million in cash and $28 million in non-voting convertible preferred stock.
