Barstool Sports Fully Acquired by Penn Entertainment, Which Paid $388 Million for Remaining Stake
variety.comTodd Spangler NY Digital Editor Barstool Sports is now fully owned by casino operator and entertainment company Penn Entertainment, which Friday completed its previously announced acquisition of the property.
Penn said it paid $388 million for the 64% stake in Barstool did not already own. In January 2020, Penn Entertainment, then known as Penn National Gaming, paid $163 million for a 36% stake in Barstool Sports, with previous owner the Chernin Group left with the same percentage stake.
Barstool founder Dave Portnoy had sold majority control of Barstool to Peter Chernin’s Chernin Group in 2016. That initial agreement included a path for Penn to establish full control and ownership of Barstool Sports.
Founded in 2003 as a sports and gambling blog by Portnoy, Barstool has “evolved into a leading digital player in sports, lifestyle and entertainment,” according to the companies.
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